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

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