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 - The monthly loan payment was calculated at 119 payments of $348.33 plus a...
- Please Help me with a Finance - Loan problem - A company borrows $170000, which ...

More Related Questions