SOLUTION: A $152,400 loan is taken out, at 11.5% for 25 years, for the purchase of a house. The loan requires monthly payments. Find the amount of each payment.

SOLUTION: A $152,400 loan is taken out, at 11.5% for 25 years, for the purchase of a house. The loan requires monthly payments. Find the amount of each payment.

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Question 259811: A $152,400 loan is taken out, at 11.5% for 25 years, for the purchase of a house. The loan requires monthly payments. Find the amount of each payment.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
PMT=(L*i*(1+i)^300)/((1+i)^300-1)
PMT=(152400*.115*(1.115)^300)/(1.115)^300-1

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