Question: 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.

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

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