The interest rate on a $100,000 loan is 7.5% compounded monthly. What must be the monthly payment

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The interest rate on a $100,000 loan is 7.5% compounded monthly. What must be the monthly payment for the loan to be repaid in:
a. 5 years?
b. 10 years?
c. 15 years?
d. 20 years? In each case, also calculate the total interest paid.

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Jan 20, 2016 07:50 AM

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The interest rate on a $100,000 loan is 7.5% compounded monthly. What must be the monthly payment

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Original loan Present value of all the payments In each part PV 100000 i 1275 0625 ...View the full answer

Business Mathematics In Canada

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