How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lori Your Own Question
Lori, Research Analyst
Category: General
Satisfied Customers: 4131
Experience:  General Information and Online Research
Type Your Question Here...
Lori is online now
A new question is answered every 9 seconds

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
Lori and 33 other General Specialists are ready to help you