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Old 01-18-2006, 03:14 AM
Nottom Nottom is offline
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Join Date: Feb 2003
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Default Re: Interest calculation, please help

For payments of $402 you will pay it off in 26 months according to this site .

Over such a short time frame, interest (especially a low rate like 4%) isn't really going to have much time to compound on you so aren't really going to add many payments.

Here is the formula for calculating a payment:
P = principal
r = interest rate
m = length of loan in months

P ( r / 12 )
-------------------------

(1 - ( 1 + r / 12 )^-m )

Feel free to try and solve for m, but it looks like some nasty math with logarithms.
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