%3Cp%3EA%20recent%26nbsp%3Bcollege%26nbsp%3Bgraduate%26nbsp%3Bborrows%26nbsp%3B%

Question

%3Cp%3EA%20recent%26nbsp%3Bcollege%26nbsp%3Bgraduate%26nbsp%3Bborrows%26nbsp%3B%24200%2C000%26nbsp%3Bat%26nbsp%3Ban%26nbsp%3Binterest%26nbsp%3Brate%26nbsp%3Bof%26nbsp%3B6%25%26nbsp%3Bto%26nbsp%3Bpurchase%26nbsp%3Ba%26nbsp%3Bcondominium.%26nbsp%3BAnticipating%26nbsp%3Bsteady%26nbsp%3Bsalary%26nbsp%3Bincrease%2C%26nbsp%3Bthe%26nbsp%3Bbuyer%26nbsp%3Bagrees%26nbsp%3Bto%26nbsp%3Bmake%26nbsp%3Bpayments%26nbsp%3Bat%26nbsp%3Ba%26nbsp%3Bvariable%26nbsp%3Bmonthly%26nbsp%3Brate%26nbsp%3Bof%26nbsp%3B(%24800%26nbsp%3B%2B10t)%2C%26nbsp%3Bwhere%26nbsp%3Bt%26nbsp%3Bis%26nbsp%3Bthe%26nbsp%3Bnumber%26nbsp%3Bof%26nbsp%3Bmonths%26nbsp%3Bsince%26nbsp%3Bthe%26nbsp%3Bloan%26nbsp%3Bwas%26nbsp%3Bmade.%26nbsp%3B%3C%2Fp%3E%3Cp%3E%3Cbr%3E%3C%2Fp%3E%3Cp%3Ea)%26nbsp%3BAssuming%26nbsp%3Bthe%26nbsp%3Bsame%26nbsp%3Bpayment%26nbsp%3Bschedule%26nbsp%3Bcan%26nbsp%3Bbe%26nbsp%3Bmaintained%2C%26nbsp%3Bwhen%26nbsp%3Bwill%26nbsp%3Bthe%26nbsp%3Bloan%26nbsp%3Bbe%26nbsp%3Bfully%26nbsp%3Bpaid%3F%3C%2Fp%3E%3Cp%3Eb)%26nbsp%3BAssuming%26nbsp%3Bthe%26nbsp%3Bsame%26nbsp%3Bpayment%26nbsp%3Bshcedule%2C%26nbsp%3Bhow%26nbsp%3Blarge%26nbsp%3Ba%26nbsp%3Bloan%26nbsp%3Bcould%26nbsp%3Bbe%26nbsp%3Bpaid%26nbsp%3Boff%26nbsp%3Bin%26nbsp%3Bexactly%26nbsp%3B20%26nbsp%3Byears%3F%3C%2Fp%3E

Explanation / Answer

a) 20 months

b) $ 640,000

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