Could anyone please help me solve this?

A mortgage is taken out for $80000. It is to be paid by annual installments of $5000 with the first payment being made at the end of the first year that the mortgage is taken out. Interest of 4% is then charged on any outstanding debt. Find the total time taken to pay off the mortgage. Please explain in details.

Easy Math Editor

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`2 \times 3`	$2 \times 3$
`2^{34}`	$2^{34}$
`a_{i-1}`	$a_{i-1}$
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Comments

Yr Installment Interest Balance(running) 1 5000 3000 75,000 2 5000 2800 70,000 3 5000 2600 65,000 4 5000 2400 60,000 . . . 15 5000 200 5,000 16 5000 0 0 Total 80,000 24,000

Venture HI - 7 years, 3 months ago

16 years

Venture HI - 7 years, 3 months ago

Sorry to say the correct answer is 25 years. But I don't know how to do it though. It's from a book that's why I know the answer.

Md Shajedul Ananda - 7 years, 3 months ago

Math	Appears as
Remember to wrap math in `\(` ... `\)` or `\[` ... `\]` to ensure proper formatting.
`2 \times 3`	$2 \times 3$
`2^{34}`	$2^{34}$
`a_{i-1}`	$a_{i-1}$
`\frac{2}{3}`	$\frac{2}{3}$
`\sqrt{2}`	$\sqrt{2}$
`\sum_{i=1}^3`	$\sum_{i=1}^3$
`\sin \theta`	$\sin \theta$
`\boxed{123}`	$\boxed{123}$