Where Can I Figure An Amortization Schedule Using $$ Amount, Predetermined Monthly Payment, And Interest Rate? I Want To Know How Long This Would Last?


3 Answers

jay jerome Profile
jay jerome answered

n = [ ln(pmt/((abs(pmt-rL))]/[ln(1+r)]

n = number of months to payoff
ln=natural logarithm
abs=absolute value
pmt=your monthly payment
r= monthly interest rate  (Fixed APR/12)
L=amount currently owed on the loan

Just do the substitutions, and you will get how long it will take you to payoff.
Anonymous Profile
Anonymous answered
Calculate $400 month payments on $57,000 mortgage at 5% interest.

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