Consider a loan of $1 million that is paid off monthly over a period of nine...

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Consider a loan of $1 million that is paid off monthly over a period of nine...

Consider a loan of $1 million that is paid off monthly over a period of nine years. Calculate the dollar amount of interest you pay at the first month of repayment if the interest rate is 6% per year, compounded monthly.

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Answer 1

Answer #1

Amount of interest at the first month Amount x interest rate $5,000 [ 1,000,000 x696 12 ]

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Answer 2

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