A mortgage of $400,000 is to be repaid over a 10 year period at fixed interest...
A mortgage of $400,000 is to be repaid over a 10 year period at fixed interest rate of 5%. Determine the monthly payments.
Homework Answers
Loan amount = $ 400,000
Time = 10 years = 10 × 12 = 120 months
Interest rate = 5% per annum
Let us assume the monthly payment is $ A.
Monthly payment = $ 4,242.62.
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