How many months and years will it take to pay off a loan of

How many months and years will it take to pay off a loan of 2000 dollars if you pay 300 dollars a month at a interest rate of 12% year or .1% per month.

Solution

here let A represents amount,P represents principal and let required time is Tyears now using A=P(1+R/100)^{T 2000=300(1+12/100)T, 20/3=(1+3/25)T, 20/3=(28/25)T therefor T=log_28/25(20/3), T=16 months nearly}