Find the monthly house payments necessary to amortize a 6.0% loan of $234,700 over 25 years.

Mattie Monroe

Mattie Monroe

Answered question

2022-10-29

Find the monthly house payments necessary to amortize a 6.0% loan of $234,700 over 25 years.

Answer & Explanation

pawia6g

pawia6g

Beginner2022-10-30Added 14 answers

Answer:
E M I = P r ( 1 + r ) n ( 1 + r ) n 1 P = $ 234700 ,   r = 6.0 100 × 1 12 = 0 / 005 n = 25 12 = 300 E M I = 234500 ( 0.005 ) ( 1 + 0.005 ) 300 ( 1 + 0.005 ) 300 1 E M I = 1512.18
Payment size =$1512.43

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