How much longer will it take to pay off a $100,000 loan with monthly payments of $1000

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How much longer will it take to pay off a $100,000 loan with monthly payments of $1000 than with monthly payments of $1100? The interest rate on the loan is 10.5% compounded monthly.

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Sep 21, 2024 08:02 AM

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How much longer will it take to pay off a $100,000 loan with monthly payments of $1000 than with monthly payments of $1100? The interest rate on the loan is 10.5% compounded monthly.
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How much longer will it take to pay off a $100,000 loan with monthly payments of $1000

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The original loan equals the present value of theloan payments With PV 100000 P...View the full answer

Business Mathematics In Canada

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