Question

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

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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