Calculator Problem – 02/27/2012

A seller agrees to finance the balance of $20,000 at 3% with payments of $300 a month.  How long will it take to pay off the loan?

(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 http://www.facebook.com/pages/Gary-Johnston-Seminars/111368472221424 for the answer.)

Answer to 02/13/2012 problem:

(N=360,I=4.5,PV=65,000,FV=0) PMT=329.35