Homework Answers
| Monthly Payment | = | Loan amount | / | Present value of annuity of 1 | ||||
| = | $ 2,25,750.00 | / | 141.4869 | |||||
| = | $ 1,595.55 | |||||||
| Working: | ||||||||
| Present value of annuity of 1 | = | (1-(1+i)^-n)/i | Where, | |||||
| = | 141.4869034 | i | = | 7%/12 | = | 0.005833 | ||
| n | = | 25*12 | = | 300 | ||||
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