Kareena obtained a $500,000 housing loan. The loan interest rate is 6% per annum and the agreed loan repayment period is 25 years. Calculate Kareena’s monthly mortgage payment.
We will use Excel's PMT function to arrive at monthly mortgage payment
Loan Amount = $500,000
Interest Rate = 6% p.a
Monthly Interest Rate = (6/12)% = 0.5%
Repayment period = 25 years
Total no of months = (25 * 12) = 300 months
Monthly Mortgage payment = $3,221.51
Kareena obtained a $500,000 housing loan. The loan interest rate is 6% per annum and the...
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