Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How much longer will it take to pay off a $ 2 0 0 , 0 0 0 loan with monthly payments of $ 2

How much longer will it take to pay off a $200,000 loan with monthly payments of $2,000 than with monthly payments of $2,100? The interest rate on the loan is 11.50% compounded monthly. (Do not round intermediate calculations and round up the number of payments, n, to the next whole number.) Difference year(s) and month(s).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Banking On Freedom Black Women In U.S. Finance Before The New Deal

Authors: Shennette Garrett-Scott

1st Edition

0231183917, 978-0231183918

More Books

Students also viewed these Finance questions

Question

=+2. What other organizations compete on this issue?

Answered: 1 week ago