Question

Use the table to find the monthly payments on the given loan. Time Rate 8% Amount $180,000 Click the icon to view a table of monthly payments on a $1,000 loan. 30 years The monthly payments for this loan are $ (Type an integer or a decimal.) Enter your answer in the answer box. i Monthly Payment on a $1,000 loan Number of Years for the Loan 10 $29.53 $22.58 S10.12 $6.06 $4.77 29.9723.0310.616.605.37 3042 23.49.10 7.166.00 31.34 24.4 12.13 8.367.34 32.27. 25.36 13.22 9.658.78 33.21 26.33 14.35 11.01 10.29 Annual Interest Rate 3 20 30 4% 5% 6% 8% 10% 12% Print Done e a 1i PrtScn F4 F5 F6 F8

Answer 1

Given; Total loan amount $180000 time 60 months rate - g%, -0.08(monthly) 12 For Monthly payment Using formula r(1r)" here, A- periodic mortiztion, P 0.08 0.08 principal amount,r rate,n - number of payment So, A 180000) $1252.107 $1320.77623 0.08D 12 Monthly payment of loan is $1321 According to table on $1000 at the rate of 8% for 30 years monthly payment will be $7.43 So $180000, at the rate of 8% for 30 years monthly payment will be ($7.43*$180000 )/$1000 -$1321 Answer is $1321