years and months (from 0 to 11 months)

We need to find the term of the mortgage given the following:

Mortgage amount, PV = 122,000

Monthly payment, PMT = -1015

Negative cash flow indicates cash outflow.

Annual interest rate = 3.02%

Effective monthly interest rate = (1 + Annual interest rate)^(1/m) - 1

Where,

m = Number of months in a year

m = 12

Effective monthly interest rate = (1 + 3.02%)^(1/12) - 1

Effective monthly interest rate = 1.0024824895 - 1

Effective monthly interest rate = 0.0024824895

Effective monthly interest rate = 0.24824895%

I/Y = 0.24824895

So, we have

PV = 122,000

PMT = 1015

I/Y = 0.24824895

FV = 0

CPT N

N = 142.9268 months

We divide by 12 to get the number of years

N = 142.9268/12 = 11.9105666667 Years

Or 11 Years and 0.9105666667 * 12 Months

Or 11 Years and 11 Months

The term of the mortgage is 11 years and 11 months