Calculator Problem – 01/12/2015

You purchase a property for $350,000.  The seller wants $50,000 down and payments of $5000 a month at 4%.  How long will it take you to pay off the property?

(The answer will be posted with the new calculator problem in 2 weeks. Or if you can’t wait that long, you can go to https://www.facebook.com/garyjohnstonseminars for the answer.)

Answer for 12/29/2014
(N=120,PV= -20,000,PMT=500,FV=0) I=28.14%