Homework Answers
Solution:
Total payment: $862.13
Interest payment: $637.50
Principal payment: $224.63
Balance of principal: $84,775.37
Working:
n = 15*12 month = 180; i = 9/1200 = 0.0075
Total payment: 85,000(A/P, 0.0075, 180) = 85,000 * 0.0101 = 862.13
Principal payment: 85,000(A/F, 0.0075, 180) = 85,000 * 0.0026427 = 224.63
Interest payment: 862.13 - 224.63 = 637.50
Balance of principal: 85,000 - 224.63 = 84,775.37
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