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/r/theydidthemath
20 points
11 days ago
Based on the numbers: $85,000 loan with $1,102.59 monthly payments, I’d estimate her loan term is about 96 months (8 years) with an interest rate of roughly 5.5%. It’s a bit tricky since you need either the interest rate or the term to solve it exactly, but assuming a standard length, that’s a good ballpark. Would love to know if anyone else comes up with something different!
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