Question: How much longer will it take to pay off a $ 2 1 0 , 0 0 0 loan with monthly payments of $ 2

How much longer will it take to pay off a $210,000 loan with monthly payments of $2,100 than with monthly payments of $2,200? The interest rate on the loan is 11.20% compounded monthly. (Do not round intermediate calculations and round up the number of payments, n, to the next whole number.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!