You have borrowed $100,000 to buy a speed boat. You plan to make monthly equal payments...
Homework Answers
| Monthly repayment | = | Loan amount / Present value of annuity of 1 | ||||||
| = | $ 1,00,000 | / | 86.12788 | |||||
| = | $ 1,161.06 | |||||||
| Working: | ||||||||
| Present value of annuity of 1 | = | (1-(1+i)^-n)/i | Where, | |||||
| = | (1-(1+0.005833)^-120)/0.005833 | i | 7%/12 | = | 0.005833 | |||
| = | 86.12788337 | n | 10*12 | = | 120 | |||
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You
have borrowed $100,000 to buy a speed boat. You plan to make
monthly equal payments...
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4. You borrowed $5,000.00 at 1.5% per month and agreed to repay in equal monthly payments...
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please show all steps 2. You have borrowed a loan form bank for $400,000 to finance...
please show all steps
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(c) You have just borrowed $10,000 and will be required to make monthly payments for the...
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You plan to buy a $127,242 house. You have $30,313 to use as the down payment....
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please show all steps
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