PreCalc Finance Project
Tim Stamper Hour 2 Stein Scenario 1
Minimum Monthly Payment
Increased Monthly Payment
Once the equation below is solved for n and divided by 12 to find the monthly payment and the time the loan can now be paid off we find that it can be paid off in just over 26 years. By increasing the monthly payment by just 15% Brent is able to pay off the loan almost 4 years sooner.
Goodwin, D. (2014, January 1). Realtor. Retrieved from http://www.realtor.com/realestateandhomes-detail/16782-W-155Th-Ter_Olathe_KS_66062_M79048-22562?row=1.