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Lori, Research Analyst
Category: General
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Experience:  General Information and Online Research
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I owe $65793.38 on my home. I have a simple interest loan at

Resolved Question:

I owe $65793.38 on my home. I have a simple interest loan at 5.625% compounded monthly. I pay $978.00 P & I EVERY TWO WEEKS. When will this loan be paid off?
Submitted: 6 years ago.
Category: General
Expert:  Lori replied 6 years ago.

Here ya go!!


All numbers rounded to the penny. Results For ESTIMATION only.


A) Purchase Price $65,793.38
B) Sales Tax (A multiplied by 0%)$0.00
C) Subtotal (A plus B)$65,793.38
D) Down Payment$0.00

E) Principal/Amount Financed (C minus D)


F) Loan Payment [every 14 days]


X.1) Number of Payments [every 14 days] in the Loan


X.2) Number of Years in the TERM of the Loan [approx.]


Y) Final Payment Amount (last payment)


Z) Interest Paid Over Life Of Loan


Your loan will be paid off in a little less than 3 years. Let me know if I can help further.

Edited by Lori on 7/9/2010 at 2:04 PM EST
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