$80,000 is borrowed at 4% compounded monthly with regular monthly payments fully amortizing over 30 years. What is the monthly payment?
Monthly payment | = | Loan amount | / | Present value of annuity of 1 | |||||
= | $ 80,000 | / | 209.4612 | ||||||
= | $ 381.93 | ||||||||
Working: | |||||||||
Present value of annuity of 1 | = | (1-(1+i)^-n)/i | Where, | ||||||
= | (1-(1+0.00333)^-360)/0.00333 | i | = | 4%/12 | = | 0.00333 | |||
= | 209.4612 | n | = | 30*12 | = | 360 |
$80,000 is borrowed at 4% compounded monthly with regular monthly payments fully amortizing over 30 years....
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