Calculator Problem – 03/10/2014

If you purchased a car and borrowed $5,000.00 at a reasonable 21% interest with payments of $125 a month, how long would it take to payoff 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 https://www.facebook.com/garyjohnstonseminars for the answer.)

Answer for 02/24/2014 problem:

(N=480,I=15,PV=0,PMT= -20) FV=$620,321.10