Borrowing

I borrow 25,000 to 6.9% p.a.. I pay 500 per month. How much will I pay and for how long?

Correct result:

x =  35062.5 Kc
n =  70

Solution:

$$\begin{gathered} a=25000 \\ p=6.9\mathrm{/}100={\displaystyle \frac{69}{1000}}=0.069 \\ r=a\cdot p=25000\cdot 0.069=1725 \\ a+r\cdot n\mathrm{/}12=500\cdot n \\ 25000+25000\cdot 0.069\cdot n\mathrm{/}12=500\cdot n \\ 4275n=300000 \\ n=70 \\ x=a+r\cdot n\mathrm{/}12=25000+1725\cdot 70\mathrm{/}12={\displaystyle \frac{70125}{2}}={\displaystyle \frac{70125}{2}}\text{ Kc}=35062.5\text{ Kc} \end{gathered}$$

$n=70$

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