DOWNPAYMENT = | 15% OF LOAN | |
15% * 206000 | ||
30900 | ||
a) | LOAN AMOUNT = | TOTAL COST - DOWNPAYMENT |
206000 - 30900 | ||
175100 | ||
b) | P = | Regular Payments |
PV = | Loan Amount | |
r = | rate of interest | |
n = | no of periods | |
P = | r (PV) | |
1 - (1 + r )-n | ||
P = | (6%/12)*175100 | |
1 - (1 / (1 + 6%/12)^360)) | ||
P = | 875.5 | |
0.833958072 | ||
P = | 1049.81 | |
c) | P = | Regular Payments |
PV = | Loan Amount | |
r = | rate of interest | |
n = | no of periods | |
P = | r (PV) | |
1 - (1 + r )-n | ||
P = | (7%/12)*175100 | |
1 - (1 / (1 + 7%/12)^360)) | ||
P = | 1021.416667 | |
0.876794146 | ||
P = | 1164.94 | |
Forums Calendar Gradebook MATSUBARA> Assessment ities and Loans You want to buy a $206,000 home. You...
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