Question

A person borrows a certain amount of money. He has to pay the debt in equal installments once every month, for 10 years. The first installment was paid on 2016-01-01. Find the date on which he has to pay the final installment.

Answer 1

Answer: January 1, 2025

Explanation:

The debt is due to be paid back in 10 years.

If the first payment was in 2016, the last payment should therefore be:

= 2016 + 9 years

= 2025

We used 9 years because 2016 was the first year of payment so the remaining years would be 9 years.

As the first payment was on January 1, 2016, the last payment would have to be on the same date in 2025 which is:

= January 1, 2025