PMT = P x (APR)
I need to solve for the y, where y is part of a negative exponent of the bottom half of that equation. I've tried to extract the y, and isolate it on one side of this equation, but I'm totally stymied.
The problem is: I'm borrowing $300,000 to buy a townhouse, and can afford to make mortage payments of $2,000 per month and can obtain a loan from the bank w/ and APR of 7.2%.
How many years will it take to pay of the debt?