if i take out a loan for $10,000.00 and pay $300.00 a month at 5.00 % interest how long until paid off ?
http://www.google.com/search?q=repay+loan+calculator&oq=repay+loan+calculator&aqs=chrome..69i57.3904j0j7&sourceid=chrome&es_sm=119&ie=UTF-8
300( 1 - 1.0041666^-n)/.0041666...) = 10000
1 - 1.00416666^-n = .138888866..
1.00416666..^-n = .861111133
take log of both sides:
-n log 1.0041666.. = log .861111133..
-n = -35.96
n = appr 36
so it would take 36 months or 3 years
To calculate how long it will take to pay off a loan, you can use a loan payoff calculator or perform the calculations manually. Here's how you can calculate the time it will take to pay off a $10,000 loan at 5.00% interest, with monthly payments of $300.00:
1. Determine the monthly interest rate: Divide the annual interest rate by 12 to get the monthly interest rate. In this case, 5.00% divided by 12 equals 0.00417.
2. Calculate the monthly interest payment: Multiply the loan amount by the monthly interest rate. For a $10,000 loan, the monthly interest payment would be $10,000 multiplied by 0.00417, which equals $41.67.
3. Calculate the remaining portion of the monthly payment that goes towards the principal: Subtract the monthly interest payment from the total monthly payment. In this case, it would be $300 minus $41.67, which equals $258.33.
4. Determine the number of months to pay off the loan: Divide the loan amount by the monthly payment towards the principal. In this case, $10,000 divided by $258.33 equals approximately 38.7 months.
Therefore, it will take approximately 38.7 months or around 3 years and 3 months to pay off the loan if you make monthly payments of $300.00 at a 5.00% interest rate.