SOLUTION: please help i do not know if i did this question right? Sandy borrows $20,000 from her local credit union at an annual interest rate of 4.6% compounded monthly. She decides that

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Question 588234: please help i do not know if i did this question right?
Sandy borrows $20,000 from her local credit union at an annual interest rate of 4.6% compounded monthly. She decides that she can make monthly payments of $350. How long will it take until Sandy pays off the loan?
my answer is 124 months
Answer by dfrazzetto(283) About Me  (Show Source):
You can put this solution on YOUR website!
A = P(1+r/n)^t
Set the total value of the loan equal to 350 x t to find the number of months when they become equal
20000(1+.046/12)^t = 350t
1.00383333^t = .0175t
Cannot be solved analytically, solve graphically
+graph%28+900%2C+900%2C+-1%2C+900%2C+-1%2C+15%2C+.0175x%2C+1.00383333%5Ex%29+
t = 76.6