can anyone give me a hint on what to do for this question..
Geroge and mildred take out a loan for 150000 on Septemeber the first, 1988 with interest at 6.5% p.a compounding monthly starting on september 1 1988
after exactly 10 years there is an interest rate increase of 1.35% to make the new interest rate 7.85% compounding monthly and the bank requires geroge and mildred to raise their monthly payment so that the loan will be completed in the original time
After another four years in August 2002 mildred returns to work and geroge and mildred decide that with the extra income they will increase their monthly payment to $1230
How much earlier than the original 20 years would the loan be completed by mildred's return to work?
Geroge and mildred take out a loan for 150000 on Septemeber the first, 1988 with interest at 6.5% p.a compounding monthly starting on september 1 1988
after exactly 10 years there is an interest rate increase of 1.35% to make the new interest rate 7.85% compounding monthly and the bank requires geroge and mildred to raise their monthly payment so that the loan will be completed in the original time
After another four years in August 2002 mildred returns to work and geroge and mildred decide that with the extra income they will increase their monthly payment to $1230
How much earlier than the original 20 years would the loan be completed by mildred's return to work?