Posted by ash on Monday, March 28, 2011 at 10:27pm.
Ouch!
You better increase that payment.
i = .14/12 = .0116667
let the time be n months
5841 = 71 (1 - 1.0116667^-n)/.0116667
68.145 =71(1 - 1.0116667^-n)
.9597887 = 1 - 1.0116667^-n
1.0116667^-n = .040211267
-n = log .040211267 / log 1.0116667 = 277 months
or 23 years.
Keep in mind that the interest the first month would be
5841(.0116667) or $68.14
so if you are only paying $71, you are paying off less than $3 off per month at the start.
So in the first year of paying 71 x 12 or $852 in payments, you would have reduced your entire debt by only about $36
depressing , isn't it ????
wow! sure is. thanks so much sir! :]
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