Question 1194388
the loan is 1500.
the payments are 100 at the end of each month.
the interest rate is 12% per year / 12 = 1% per month.
the number of months required to pay off the loan is equal to 16.33301765.
total payments are that * 100 = 1633.01765.
total interest is 1633.01765 minus 1500 = 133.01765.
i used the ti-ba-ii financial calculator.
inputs were:
present value = 1500
future value = 0
payment at the end of each month = -100
interest rate per month = 1%
output was number of months.
let me know if you have any questions.
theo