Loans, loan ...

In Slovakia, launched a short-term non-bank loans, of which few people have their "take" are considered unfavorable. Often, the borrower ends up in a spiral of debt, which takes more and more onerous loan used to repay earlier loans.

Calculate how many 9-year loans of € 1700 with 24% APR is able to repay the man even if the loan repayments and interest payment of all monthly spends all income 524 euros?

Correct result:

n =  4

Solution:

$n=⌊\frac{524}{\frac{1700\cdot \left(1+\frac{24}{100}{\right)}^{9}}{12\cdot 9}}⌋=4$

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