Question
Which statement correctly applies to this monthly loan payment calculation? PMT 360 = $145,000 {0.005/[1 - 1/(1 + 0.005) 360 ]} = $869.35 Multiple choice
Which statement correctly applies to this monthly loan payment calculation?
PMT360 = $145,000 {0.005/[1 - 1/(1 + 0.005)360]} = $869.35
Multiple choice question.
This is a 36-year loan.
The annual interest rate is 0.5 percent.
The APR is 6 percent.
The amount borrowed equals 360 $869.35.
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Essentials Of Corporate Finance
Authors: Stephen A. Ross, Randolph W. Westerfield, Bradford D. Jordan
9th International Edition
1259254801, 9781259254802
