How can you pay off 105000.00 in 7 years by bringing home 4700.00 monthly and your bills are 3600.00 monthly?

Answer 1

$105,000 / 84 months = $1,250 monthly without interest. Income of $4,700 less bills of $3,600 = $1,100 monthly available. Therefore, the simple answer is you can't pay off $105,000 over seven years at $900 a month. Assuming 6% interest compounding semi-annually (typical mortgage arrangement), it would take 13 yrs, 6mo. At 9%, 19yr,4 mo, at 10%, 24yr, 4mo. No higher interest rate could be tolerated without increasing payments. Presumably, future income will increase. Mortgage table books can be purchased at most office supply stores. Best of luck doing the math $105,000 / 84 months = $1,250 monthly without interest. Income of $4,700 less bills of $3,600 = $1,100 monthly available. Therefore, the simple answer is you can't pay off $105,000 over seven years at $1,100 a month. My previous answer gave incorrect figures from this point on, because I used payments of $900 per month in error. Sorry. The following uses $1,100 per month: Assuming 6% interest compounding semi-annually (typical mortgage arrangement), it would take10 yrs, 1mo. At 9%, 12yr,7 mo, at 12%, 18yr, 9mo. The maximum interest tolerable here is 13% over 25 years 5 months. No higher interest rate could be tolerated without increasing payments. Presumably, future income will increase. Mortgage table books can be purchased at most office supply stores. Best of luck doing the math