SOLUTION: Bruno wants to buy a boat which costs P1,700,000. He has saved P500,000, which he will use as a deposit, and he will finance the rest of it by taking out a loan to be paid back in

Question 932104: Bruno wants to buy a boat which costs P1,700,000. He has saved P500,000, which he will use as a deposit, and he will finance the rest of it by taking out a loan to be paid back in equal monthly installments, amortized over 5 years at an annual interest rate of 12%. What will his monthly payments be?
Answer by TimothyLamb(4379) (Show Source): You can put this solution on YOUR website!
1700000 - 500000 = 1200000
---
loan amount = 1200000
annual interest = 12%
term = 5 years
---
copy and paste the above data in to this solver:
https://sooeet.com/finance/amortization-calculator.php
---
solution:
monthly payment: 26,693.34
total amount paid: 1,601,600.23
total interest paid: 401,600.23
---
Solve and graph linear equations:
https://sooeet.com/math/linear-equation-solver.php
---
Solve quadratic equations, quadratic formula:
https://sooeet.com/math/quadratic-formula-solver.php
---
Solve systems of linear equations up to 6-equations 6-variables:
https://sooeet.com/math/system-of-linear-equations-solver.php
---
RELATED QUESTIONS
Todd wants to start a business in 3 years. He figures that he will need $10 000 to start. (answered by josgarithmetic)

Jason wants to buy a mountain bike that costs $350. He has already saved $105. What is... (answered by rfer)

Jeremy wants to buy a computer that costs $1,600.He has already saved $1,280. What... (answered by MathLover1,MathTherapy)

Jason wants to buy a mountain bike that costs 350 dollars he has saved 105 dollars. what... (answered by ikleyn,ewatrrr,MathLover1,Solver92311)

Michael is saving money to buy a phone that costs $575. He has $175 saved, and each week... (answered by ikleyn)

gavin is saving money yo buy a bike. the bike costs $245. he has $125 saved and each week (answered by Boreal,ikleyn)

P1,000,000 from his grandparents. He planned to invest it for his future. He was offered (answered by ikleyn)

Abdol Akhim has just come from a Personal Finance class where he learned that he can... (answered by solver91311,ikleyn)

Mr. Dechavez is planning to buy a rectangular lot in Baseco that will serve as one of his (answered by ikleyn)