find the following for a 15 year loan of 145,000 with a interest rate of 3.75%....
find the following for a 15 year loan of 145,000 with a interest rate of 3.75%. what is the monthly payment
Homework Answers
monthly payment = P * r (1+r)^n / [(1+r)^n-1]
here,
P=145,000
r =3.75% per annum =>3.75%*1/12 =>0.3125% per month
=>0.003125.
n=15 years*12 =>180.
monthly payment = 145,000*0.003125*(1.003125)^180 / [(1.003125)^180-1]
=>453.125*(1.75351601 /[0.75351601]
=>794.561942/0.75351601
=>$1,054.47.
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find the following for a 15 year loan of 145,000 with
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