Suppose you have a loan with a balance of $10,000, an interest rate of 6% (compounded monthly)
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Question:
Suppose you have a loan with a balance of $10,000, an interest rate of 6% (compounded monthly) and required monthly payments of $100.This loan will take 11 years and 7 months to pay off in you only make the minimum payments.(You could calculate that this, but I am not asking that.) How much extra would you have to pay each month in order to pay off the loan in only 6 years?
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