Hi,

I'm finding this challenge, well, challenging...I want to borrow funds from
my 401(k), and the basic parameters a

1) interest rate is 7%

2) loan period is 5 years

3) payments are monthly

I have the option to pay it off early, and I plan on doing so in 3 years.
The catch is that I want to borrow an amount that covers all of my payments
during the 3 years, so that I have no out-of-pocket payments during that
time.

For example, I need $10,000 to do some house remodelling. So, I actually
need to borrow something like $13,000...$10,000 for the house, and $3,000 to
cover three years' worth of payments on a 5-year $13,000 loan.

Any ideas on a formula for this (so that I can play around with the loan
amount)?

Thanks!

Dan
Colorado