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Annuity Loan - Calculate the Monthly Payn Example: . Loan value = $25,000 Loan duration is 3 years (36 months) Bank will compound interest and

Annuity Loan - Calculate the Monthly Payn Example: . Loan value = $25,000 Loan duration is 3 years (36 months) Bank will compound interest and require payments monthly APR = 10% What monthly P&I payments will be required for this loan? Payment Present value x Amortizati Formula approach to solve: PMTN = PV X 1 1 (1 + i)N
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Annuity Loan - Calculate the Monthly Payn - Example: - Loan value =$25,000 - Loan duration is 3 years (36 months) - Bank will compound interest and require payments monthly - APR=10% - What monthly P\&I payments will be required for this loan? - Formula approach to solve: Payment=PresentvalueAmortizati PMTN=PV[i1(1+i)N1]

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