1200 = 20(1 - 1.015^-n)/.015
0.9 = 1-1.015^-n
1.015^-n = 0.1
log (1.015^-n) = log 0.1
-n = log 0.1 / log 1.015 = -154.65
n = appr 155 months
About 13 years !!!
Seems harsh, but that is reality.
Considering that the interest in the first month is $18, he pays back only about $2 a month for quite some time
Balance = 1198.00
interest = 17.97
repayment = $2.03
Balance = 1198.97
interest = 17.94
repayment = $2.06
Balance = 1193.91
interest = 17.91
repayment = $2.09
notice that the repayment increases only by about 3 cents per month for quite a while.
Thanks, how much money will the bank receive at the end of the 13 years?
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