Posted by LILLY on Tuesday, March 26, 2013 at 4:06pm.
IF LOAN BALANCE IS 34,000.00 AND YOU PAY $597.21 MONTHLY AT 7.50 INTEREST HOW MUCH TIME WILL YOU CUT OFF TERM OF LOAN IF YOU ADD 100.00 TO MONTHLY PAYMENT

MATH  Reiny, Tuesday, March 26, 2013 at 4:27pm
original plan:
payment = 597.21
i = .075/12 = .00625
n = ?
34000 = 597.21 (1  1.00625^n)/.00625
.3558212.. = 1  1.00625^n
1.00625^n = .644178764
n(log 1.00625) = log .64417..
n = 70.58
n = 70.58 months
new plan:
payment = 697.21
everything stays the same,
repeat the above steps to find the new n value
Answer This Question
Related Questions
 Algebra: Statistics  Five years ago, you bought a house for $151,000, with a ...
 Math Finance please help  Five years ago, you bought a house for $151,000. You ...
 Finance  Five years ago, you bought a house for $151,000. You had a down ...
 math  Five years ago, you bought a house for $151,000, with a downpayment of $...
 MATH  Five years ago, you bought a house for $151,000, with a down payment of $...
 math  Susan Borrowed $5000. The term of the loan is 12% compouned monthly for 3...
 Math  4. Vanna has just financed the purchase of a home for $200 000. She ...
 math  Assignment 2: Financial Project Due Week 7 and worth 55 points Five (5) ...
 Math  You need to borrow $20,000 to buy a car. You can only afford to make ...
 Math  The monthly loan payment was calculated at 119 payments of $348.33 plus a...
More Related Questions