Question 1204353

The loan payoff equation is 

{{{N = (-log((1- i * A / P))) / log ((1 + i))}}}

{{{N}}} represents the number of payments you must make, or the number of {{{months}}}
{{{i}}} is the interest rate={{{3.5}}}%={{{0.035}}} annually=> {{{0.035/12}}} monthly
{{{A }}}is the amount owed ={{{1700}}}
{{{P}}} is the size of each payment={{{70}}}


 {{{N =(-log((1- (0.035/12 )* 1700 / 70))) / log ((1 + 0.035/12))}}}

 {{{N =25.2255}}}months

{{{N =2.1}}} years