Several years ago you got a mortgage loan at 8.75% interest. You currently owe $138,743.03 with a monthly payment of $1108.05. How long until the loan will be paid off?   Please make sure to show the formula for this question for better understanding. The answer in the back of the book is 268 months

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5Q: If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the...
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Several years ago you got a mortgage loan at 8.75% interest. You currently owe $138,743.03 with a monthly payment of $1108.05. How long until the loan will be paid off?

 

Please make sure to show the formula for this question for better understanding. The answer in the back of the book is 268 months

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