financial/business math

[aceballos05]

I have a standard 30year mortgage for $800 a month. My loan is for $150,000 at 5%. How long would it take me to pay it off if I added
$100.00extra every month? How I calculated was as follow, please tell me what I may doing wrong.

150,000*24=3600

0.05*30=1.5

3600.00/1.5=2400

 

[Denis]

I have a standard 30year mortgage for $800 a month. My loan is for $150,000 at 5%. How long would it take me to pay it off if I added
$100.00extra every month? How I calculated was as follow, please tell me what I may doing wrong.
150,000*24=3600
0.05*30=1.5
3600.00/1.5=2400

Can't tell what you're asking or what you did...
You (or someone) calculated 360 months (30 years) IF payment = $800.
So simply use same procedure IF payment = $700.

Do you know the formula for calculating a loan payment?

 

[Deleted member 4993]

I have a standard 30year mortgage for $800 a month. My loan is for $150,000 at 5%. How long would it take me to pay it off if I added
$100.00extra every month? How I calculated was as follow, please tell me what I may doing wrong.

150,000*24=3600

0.05*30=1.5

3600.00/1.5=2400

I do not understand your calculation at all!!

From the following equation - you need to solve for 'm':

\(\displaystyle 150000(1.004167)^m \ = \ 900\left [\frac{(1.004167)^m\ - \ 1}{0.004167}\right ]\)