Homework Answers
Ans a) $ 19994.22
b) $ 399884.34
c) $ 207884.34
| P = | Regular Payments |
| PV = | Loan Amount |
| r = | rate of interest |
| n = | no of periods |
| P = | r (PV) |
| 1 - (1 + r )-n | |
| P = | 8.30% * 192000 |
| 1 - (1 / (1 + 8.30%)^20)) | |
| P = | 15936 |
| 0.79703046 | |
| P = | 19994.22 |
| Total Payments = | EMI * No of Payment |
| 19994.22 * 20 | |
| $ 399884.34 | |
| Interest = | Total Payments - Loan |
| 399884.34 - 192000 | |
| $2,07,884.34 | |
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