25% of loan paid timeframe

fastfrank

New member
Joined
Apr 24, 2013
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So, I have figured out a payment of 581.70 on a 100000 loan at 8% semi annually with monthly payments over 25 years.

I cant get my head around what formula to use to calculate the PV? or FV? of the 75000 left (or the 25000 paid?)

FV = PMT ((1+p)n-1)/p looks right ? but the number should be 116 months and I get something else ...

Help!! It is a basic course ... but I just can't get my head around this.:confused:

TIA

FF
 
Clarification

The question asked is when is the loan 25% paid off? (25000 principle paid)
 
My mistake ...

It was late - Borrow 100000 at 5% (oops) comp0unded 2x per year. Monthly payments made for 25 years. How long till 1/4 of debt is paid.

I got the payment to be $581.60 ... now i'm stuck. FV of payments at $25000?

TIA
 
OK Got it!

LN/LOG to get the exponent n figured is OK for me. Just could not see what equation to use. I guess I was trying to skip a step...


Was looking at trial and error on an amortization table otherwise, which I guess could have been done, but during an exam would be time consuming!

I appreciate your help ... Thanks for the effort. Forgot that interest was accumulating while payments were reducing principle and "working against" eachother so to speak.

FF
 
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