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Number of Periods to Partially Amortize a Loan

Solver
	%	Interest Rate
		Number of Periods/Year
$		Amount Financed
$		Payment Amount
$		Loan Amount

Explanation

This is the truck loan example used elsewhere but here we are solving for the term of the balloon loan. We say approximate because you obviously couldn't have 35.15 months.

Results

The total number of payments to partially amortize this loan is 35.15.

Example

If we are about to finance a truck costing $21,000 with a 7 3/4% monthly payment loan leaving an $11,000 balloon, approximately how many months will be required to partially amortize this loan at $390 per month?

You may enter your terms in the boxes above. Just click 'Solve' to calculate. Click 'Reset' to redisplay this example.

These calculations are presented for demonstration purposes only.
Contact Math Corporation for additional information.

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Thursday, Sep 9, 2010

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