Question
MONTHLY Payment factors Years 6% 7% 8% 9% 5 .01933 .01980 .02027 .0208 10 .01110 .01161 .01213 .0127 15 .00844 .00898 .00955 .0101 20 .00716
MONTHLY Payment factors
| Years | 6% | 7% | 8% | 9% |
|---|---|---|---|---|
| 5 | .01933 | .01980 | .02027 | .0208 |
| 10 | .01110 | .01161 | .01213 | .0127 |
| 15 | .00844 | .00898 | .00955 | .0101 |
| 20 | .00716 | .00775 | .00836 | .0090 |
| 25 | .00644 | .00706 | .00771 | .0084 |
| 30 | .00600 | .00665 | .00733 | .0080 |
The Yerkes borrowed $175,000 10 years ago at 7% for 30 years. If their monthly payments are $1,163.75, what is their loan balance today?
a. $100,237
b. $127,135
c. $149,399
e. $150,161
d. $178.000
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Mastering Islamic Finance
Authors: Faizal Karbani
1st Edition
1292001445, 978-1292001449
