Jacob has purchased a $129,000 home with a 30-year mortgage at 5.15%. He can make a monthly payment of $1000. If he were to make

Question

3 years ago

10

this
payment each month, how many months will it take him to pay off his mortgage? Round you answer to a whole number.

1 answer:

Nookie1986 [14] · Answer 1 · 2022-04-03T13:17:32+03:00

Answer: 188 months

Step-by-step explanation:

Principal = $129 000

Payment = $1000

Mortgage % = 5.15

Since,

Number of Months = log (1+[rate/(Payment/Principal)-rate] / log (1 + rate)

Also,

rate = 5.15/1,200 = 0.004292

Number of Months = log (1 + [0.004292/(1,000/129000) -0.004292] / log(1+0.004292)

Number of Months = log ( 1 + 0.004292/ ((0.007752 -0.004292) / log (1.004292)

Number of Months = log ( 1 + (0.004292/0.00346))/ log (1.004292)

Number of Months = log (1 + 1.240) / log (1.004292)

Number of Months = log (2.240) / log (1.004292)

Number of Months = 0.3502 / 0.001860

Number of Months = 188.28 months

Approximation to whole month,

Number of months = 188 Months.