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 for the answer.)

Answer to 02/13/2012 problem:

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


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