I am completely confused!
I lent someone £1500 at a compound interest rate of 5%, paid over 24 months (using an online compound interest calculator), so they're paying me £69.05 pcm over 24 months; so I will get £1647.41 back.
They have made 20 payments so far, so have paid me £1381.
They have asked me for another £500, now, which I am willing to lend. I would expect their repayments to remain much the same, at the same compound interest rate (5%) but obviously for longer.
How do I calculate how long they'll be paying me for??
Many thanks.