Help!!! Need Mortgage formula...

[jimmar123]

Ok Experts:

Please help a newbie out. Here is the scenario:

Principal of a loan is $90,000. Annual Interest rate is 7%. My monthly payment is $698.77.

What is the formula for calculating how long it will take me to pay this loan off?

Been banging my head against the wall trying to figure it out. Please help...Thanx in advance!!

 

[IML]

you can use
=NPER((0.07/12),-698.77,90000)

I believe the British mortgage system would be
=NPER((0.07/12),-698.77,90000,,1)

note the rate must be adjusted to monthly
This message was edited by IML on 2002-04-19 08:22
This message was edited by IML on 2002-04-19 08:23
This message was edited by IML on 2002-04-19 08:24