Borrowing

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

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=35062.5 Kca=25000 \ \\ p=6.9/100=\dfrac{ 69 }{ 1000 }=0.069 \ \\ r=a \cdot \ p=25000 \cdot \ 0.069=1725 \ \\ a+r \cdot \ n/12=500 \cdot \ n \ \\ 25000+25000 \cdot \ 0.069 \cdot \ n/12=500 \cdot \ n \ \\ 4275n=300000 \ \\ n=70 \ \\ x=a+r \cdot \ n/12=25000+1725 \cdot \ 70/12=\dfrac{ 70125 }{ 2 }=35062.5 \ \text{Kc}
n=70n=70



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