18,900.00 Is Borrowed At 5% Monthly For How Many Years,at 300.00 Monthly Payment. Show Monthly Payments And %5.any Help?
Answer:
Let L = $18,900
Let A = 5%
Let r = 0.05/12
Let P = $300
n = ln [ P / abs( ( rL - P)) ] / (ln (1 + r))
n = # of months
abs = the absolute value
ln = the natural logarithm
After doing the substitutions you will find that n = 73.23. Divide n by 12 to attain the number
of years your loan is financed.
They number of years is 6.1. You can round it to 6.
For an amortized loan with a fixed APR taken for n months with loan amount L, and periodic interest rate of r. ( r = APR/(12) ....compounded monthly.
The loan amount is equal to the sum of the present appeal of your payments which can be derived Algebraically.
Pmt = L [ r ( 1 + r )n ] / [ (( 1 + r )n) -1]
Is the formula used to calculate monthly payments.
Solve this formula for n, and you will get the formula used to get the number
of months for your loan.
(n/12) is the number of years, since your loan is compounded monthly.
In Addition, if you get a loan and wish to pay it off untimely with an additional
principle payment of m respectively month, Substitute P + m for P in the first formula
given.
What would be your question
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