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If no payments are made, a loan of amount $36000 would increase to $43070.89 after 2 years of monthly compounding interest. If instead, payments of $579.21 are made at the end of each month, how many years would it be until the loan is paid off?

If no payments are made, a loan of amount $36000 would increase to $43070.89 after 2 years of monthly compounding interest. If instead, payments of $579.21 are made at the end of each month, how many years would it be until the loan is paid off?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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If no payments are made, a loan of amount $36000 would increase to $43070.89 after 2 years of monthly compounding interest. If instead, payments of $579.21 are made at the end of each month, how many years would it be until the loan is paid off?
Transcribed Image Text:If no payments are made, a loan of amount $36000 would increase to $43070.89 after 2 years of monthly compounding interest. If instead, payments of $579.21 are made at the end of each month, how many years would it be until the loan is paid off?
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