lutz-heilmann.info->Finance-> SOLUTION: How many months will it require to pay off \$525 debt, with a monthly \$15 at the finish of each month, if the interest rate is 18% compounded monthly? var visible_logon_form_ = false;Log in or register.Username: Password: Register in one straightforward step!.Recollection your password if you forgot it."; rerevolve false; } "> Log On
Click below to check out ALL problems on FinanceConcern 342070: How many months will certainly it take to pay off \$525 debt, via a monthly \$15 at the end of each month, if the interest rate is 18% compounded monthly? Answer by Edwin McCravy(18981)
(Sexactly how Source): You can put this solution on YOUR website! The formula is: q = amount of annual payment periods = 12 r = interest rate = .18 B = primary = 525 m = payment amount = 15 n = variety of payment periods = ? (what we want to find) ln suggests "the herbal logarithm" Substituting those values:On the calculator, that comes out to 50.0006616 paymentsor 50 payments, with just a couple of cents added on the last payment.Now here is what the computer gives by going through all 50months, month by month, constantly rounding the interest approximately thefollowing penny whenever before there is a portion of a penny in the interemainder. At the finish of month #1 the debt of \$525 will certainly be increasedby interest \$7.88 to \$532.88, then the payment of\$15 will certainly minimize the debt to \$517.88At the end of month #2 the debt of \$517.88 will be increasedby interest \$7.77 to \$525.65, then the payment of\$15 will certainly reduce the debt to \$510.65At the finish of month #3 the debt of \$510.65 will certainly be increasedby interest \$7.66 to \$518.31, then the payment of\$15 will mitigate the debt to \$503.31At the end of month #4 the debt of \$503.31 will be increasedby interemainder \$7.55 to \$510.86, then the payment of\$15 will reduce the debt to \$495.86At the finish of month #5 the debt of \$495.86 will be increasedby interest \$7.44 to \$503.30, then the payment of\$15 will certainly alleviate the debt to \$488.30At the finish of month #6 the debt of \$488.30 will certainly be increasedby interemainder \$7.33 to \$495.63, then the payment of\$15 will alleviate the debt to \$480.63At the finish of month #7 the debt of \$480.63 will certainly be increasedby interest \$7.21 to \$487.84, then the payment of\$15 will certainly reduce the debt to \$472.84At the finish of month #8 the debt of \$472.84 will be increasedby interemainder \$7.10 to \$479.94, then the payment of\$15 will certainly reduce the debt to \$464.94At the finish of month #9 the debt of \$464.94 will certainly be increasedby interemainder \$6.98 to \$471.92, then the payment of\$15 will certainly alleviate the debt to \$456.92At the finish of month #10 the debt of \$456.92 will certainly be increasedby interemainder \$6.86 to \$463.78, then the payment of\$15 will alleviate the debt to \$448.78At the finish of month #11 the debt of \$448.78 will be increasedby interest \$6.74 to \$455.52, then the payment of\$15 will mitigate the debt to \$440.52At the finish of month #12 the debt of \$440.52 will be increasedby interemainder \$6.61 to \$447.13, then the payment of\$15 will mitigate the debt to \$432.13At the end of month #13 the debt of \$432.13 will be increasedby interemainder \$6.49 to \$438.62, then the payment of\$15 will certainly mitigate the debt to \$423.62At the end of month #14 the debt of \$423.62 will be increasedby interemainder \$6.36 to \$429.98, then the payment of\$15 will alleviate the debt to \$414.98At the finish of month #15 the debt of \$414.98 will be increasedby interest \$6.23 to \$421.21, then the payment of\$15 will certainly alleviate the debt to \$406.21At the finish of month #16 the debt of \$406.21 will be increasedby interest \$6.10 to \$412.31, then the payment of\$15 will alleviate the debt to \$397.31At the finish of month #17 the debt of \$397.31 will be increasedby interest \$5.96 to \$403.27, then the payment of\$15 will certainly minimize the debt to \$388.27At the end of month #18 the debt of \$388.27 will be increasedby interest \$5.83 to \$394.10, then the payment of\$15 will certainly mitigate the debt to \$379.10At the finish of month #19 the debt of \$379.10 will certainly be increasedby interemainder \$5.69 to \$384.79, then the payment of\$15 will minimize the debt to \$369.79At the finish of month #20 the debt of \$369.79 will certainly be increasedby interest \$5.55 to \$375.34, then the payment of\$15 will minimize the debt to \$360.34At the finish of month #21 the debt of \$360.34 will be increasedby interest \$5.41 to \$365.75, then the payment of\$15 will alleviate the debt to \$350.75At the end of month #22 the debt of \$350.75 will certainly be increasedby interemainder \$5.27 to \$356.02, then the payment of\$15 will certainly mitigate the debt to \$341.02At the end of month #23 the debt of \$341.02 will be increasedby interest \$5.12 to \$346.14, then the payment of\$15 will alleviate the debt to \$331.14At the finish of month #24 the debt of \$331.14 will be increasedby interest \$4.97 to \$336.11, then the payment of\$15 will certainly reduce the debt to \$321.11At the finish of month #25 the debt of \$321.11 will be increasedby interemainder \$4.82 to \$325.93, then the payment of\$15 will mitigate the debt to \$310.93At the finish of month #26 the debt of \$310.93 will be increasedby interest \$4.67 to \$315.60, then the payment of\$15 will certainly mitigate the debt to \$300.60At the end of month #27 the debt of \$300.60 will be increasedby interemainder \$4.51 to \$305.11, then the payment of\$15 will mitigate the debt to \$290.11At the finish of month #28 the debt of \$290.11 will certainly be increasedby interemainder \$4.36 to \$294.47, then the payment of\$15 will certainly minimize the debt to \$279.47At the end of month #29 the debt of \$279.47 will certainly be increasedby interest \$4.20 to \$283.67, then the payment of\$15 will certainly alleviate the debt to \$268.67At the finish of month #30 the debt of \$268.67 will certainly be increasedby interest \$4.04 to \$272.71, then the payment of\$15 will minimize the debt to \$257.71At the end of month #31 the debt of \$257.71 will certainly be increasedby interest \$3.87 to \$261.58, then the payment of\$15 will minimize the debt to \$246.58At the finish of month #32 the debt of \$246.58 will be increasedby interest \$3.70 to \$250.28, then the payment of\$15 will certainly alleviate the debt to \$235.28At the finish of month #33 the debt of \$235.28 will certainly be increasedby interest \$3.53 to \$238.81, then the payment of\$15 will minimize the debt to \$223.81At the end of month #34 the debt of \$223.81 will certainly be increasedby interemainder \$3.36 to \$227.17, then the payment of\$15 will certainly mitigate the debt to \$212.17At the finish of month #35 the debt of \$212.17 will be increasedby interest \$3.19 to \$215.36, then the payment of\$15 will certainly mitigate the debt to \$200.36At the finish of month #36 the debt of \$200.36 will be increasedby interemainder \$3.01 to \$203.37, then the payment of\$15 will certainly mitigate the debt to \$188.37At the end of month #37 the debt of \$188.37 will be increasedby interemainder \$2.83 to \$191.20, then the payment of\$15 will alleviate the debt to \$176.20At the finish of month #38 the debt of \$176.20 will be increasedby interest \$2.65 to \$178.85, then the payment of\$15 will reduce the debt to \$163.85At the finish of month #39 the debt of \$163.85 will certainly be increasedby interemainder \$2.46 to \$166.31, then the payment of\$15 will certainly mitigate the debt to \$151.31At the end of month #40 the debt of \$151.31 will be increasedby interest \$2.27 to \$153.58, then the payment of\$15 will reduce the debt to \$138.58At the end of month #41 the debt of \$138.58 will certainly be increasedby interest \$2.08 to \$140.66, then the payment of\$15 will reduce the debt to \$125.66At the end of month #42 the debt of \$125.66 will certainly be increasedby interest \$1.89 to \$127.55, then the payment of\$15 will reduce the debt to \$112.55At the finish of month #43 the debt of \$112.55 will be increasedby interest \$1.69 to \$114.24, then the payment of\$15 will certainly reduce the debt to \$99.24At the end of month #44 the debt of \$99.24 will certainly be increasedby interemainder \$1.49 to \$100.73, then the payment of\$15 will certainly reduce the debt to \$85.73At the finish of month #45 the debt of \$85.73 will certainly be increasedby interemainder \$1.29 to \$87.02, then the payment of\$15 will mitigate the debt to \$72.02At the end of month #46 the debt of \$72.02 will certainly be increasedby interemainder \$1.09 to \$73.11, then the payment of\$15 will certainly reduce the debt to \$58.11At the finish of month #47 the debt of \$58.11 will certainly be increasedby interemainder \$0.88 to \$58.99, then the payment of\$15 will reduce the debt to \$43.99At the end of month #48 the debt of \$43.99 will certainly be increasedby interemainder \$0.66 to \$44.65, then the payment of\$15 will reduce the debt to \$29.65At the finish of month #49 the debt of \$29.65 will certainly be increasedby interemainder \$0.45 to \$30.10, then the payment of\$15 will certainly mitigate the debt to \$15.10At the finish of month #50 the debt of \$15.10 will certainly be increasedby interest \$0.23 to \$15.33, then the payment of\$15 will certainly alleviate the debt to \$0.33So his last (50th) payment will certainly be \$15.33Edwin