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:

a=25000 p=6.9/100=691000=0.069 r=a p=25000 0.069=1725 a+r n/12=500 n 25000+25000 0.069 n/12=500 n 4275n=300000 n=70 x=a+r n/12=25000+1725 70/12=701252=701252 Kc=35062.5 Kc
n=70



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