You wish to borrow 200,000 for 20 years at 7% interest rate and amortize the loan...
You wish to borrow 200,000 for 20 years at 7% interest rate and amortize the loan by making monthly payments. You also agree to make a balloon payment of $30,000 at the end of your last month (240th month). What will be your monthly payment? (using financial calculator)
Homework Answers
Calculating Monthly Payment,
using TVM Calculation,
PMT = [PV = 200,000, FV = -30,000, N = 240, I = 0.07/12]
PMT = $1,493.01
So,
Monthly Payment = $1,493.01
Add Answer to:
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