Loan Amortization Problem

Type your full name in the following order and the number of letters underneath each

First Middle Last

Number of letters in full name = 21

Now assume that your annual salary = number of letters in your full name x $11,200 and that the bank you want to borrow from, has determined that it will lend you,

loan amount= your annual salary x 3.0 =

interest rate = number of letters in your full name x 0.55%

Assume that you will borrow for 30 years and you will make monthly payments at the end of each month.

Calculate your monthly payment (Type your calculator inputs, i.e. N=, PV= and so on)

Calculate the total interest amount you will pay over the life of the loan