A 21 year loan with monthly repayments has 11 years remaining.

Calculate "n"

Question

A 21 year loan with monthly repayments has 11 years remaining.

Calculate "n"

BlackTom AI · Accepted Answer

In this context, 'n' typically represents the number of payments remaining on the loan.
Because the loan is repaid monthly and there are 11 years left, we convert years to payments by multiplying by 12.
Compute: 11 years × 12 months/year = 132 payments remaining.
A quick cross-check: the loan started with a 21-year term, which would be 21 × 12 = 252 payments in total. If 11 years remain, then 252 − (21 − 11)×12 = 252 − 132 = 120 payments have already been made; this aligns with the remaining 11 years’ worth of monthly payments, confirming the calculation of 132 payments in total remaining.
Keep in mind that if the problem had asked for the number of years instead of the number of payments, you would report 11 years, but since the convention here is monthly payments, n = 132.

BFIN011 Week 3: Practice Quiz

A 21 year loan with monthly repayments has 11 years remaining. Calculate "n"

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