Question

After graduation, you decide that you can pay $202.89 per month extra on your student loan...

After graduation, you decide that you can pay $202.89 per month extra on your student loan (standard monthly payment is 302.85), which has a balance of $60,000 and 20 years of monthly payments remaining. The annual interest rate on the loan is 4.4% How many years early will you be able to pay off the loan?

please solve using excel

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Answer #1
We have to use financial calculator to solve this
put in calculator
FV 0
PV -60,000
PMT 505.74
I 4.4%/12 0.36667%
Compute N          156
Number of month =          156
Number of years =            13
156/12
Therefore early year to pay off loan = 7 year  
20-13
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