Chapter 2.3, Problem 13P

A recent college graduate borrows $\$100,000$ at an interest rate $9\%$ to purchase a condominium. Anticipating steady salaryincreases, the buyer expect to make payments at a monthly rate $800\left(1+t/120\right)$, where $t$ the number of months since the loan was made.

Assuming that this payment schedule can be maintained, when will the loan be fully paid.

Assuming the same payment schedule, how large a loan could be paid off in exactly $20$ years?