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Hi, trying to understand how to solve a similar problem as below:
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Hi, trying to understand how to solve a similar problem as below:

Jack has taken out a loan of $80,000 with an annual rate of 10% compounded monthly. If Jack pays $3,500 a month, how long will it take to pay off the loan? How long will it take to pay off the loan if he can pay $4000 each month? Use five decimal places for the monthly percentage rate in your calculations. If Jack can pay $3,500 a month, how many years will it take to pay off the loan?
Loan

 

Annual interest

 

Monthly payment

 

Months

 

Years

 


 

$80,000

 

10%

 

$3,500

 

25.46

 

2.12

 


 

Loan

 

Annual interest

 

Monthly payment

 

Months

 

Years

 


 

$80,000

 

10%

 

$4,000

 

21.97

 

1.83

 


 

 







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