You need a $200,00 Loan. Option is a 15-year loan at an APR of 8.5% What...
You need a $200,00 Loan. Option is a 15-year loan at an APR of 8.5% What is the monthly payment? What is the amount of total payments made?
Homework Answers
Loan amount = Present value of future monthly payments = monthly payment * [1-(1+i)^-n]/i
i = interest rate per period
n = number of periods
=>
monthly payment * [1-(1+0.085/12)^-180]/(0.085/12) = 200000
=>
monthly payment = 1969.48
total payments made = 1969.48 * 180
= 354506.4
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You need a $200,00 Loan. Option is a 15-year loan at an APR of
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