$88,000 is borrowed for 14 years. If the interest on the loan is $115,826 22, find the monthly payment

princetonaqo3

princetonaqo3

Answered question

2022-10-27

$88,000 is borrowed for 14 years. If the interest on the loan is $115,826 22, find the monthly payment

Answer & Explanation

getrdone07tl

getrdone07tl

Beginner2022-10-28Added 23 answers

P= Principal = $88000
I = Interest = $ 115826.22
A = Total amount to be paid = P + I = $ 203826.22
This amount is paid in 144 years
y = 14 × 12  months = 162  months Monthly payment = Total amount to be paid Total months = 203826.22 168 = $ 1213.25

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