SOLUTION: I am confusing myself on this one. I know it's compound interest formula, but getting confused on the payment amount.
Suppose you take out a loan for $160,000 at 7.75% compounde
Algebra.Com
Question 199302: I am confusing myself on this one. I know it's compound interest formula, but getting confused on the payment amount.
Suppose you take out a loan for $160,000 at 7.75% compounded monthly and agree to repay the loan in equal monthly payments. How much should each payment be in order to pay off the loan in 30 years?
Thanks
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
$1147/mo
RELATED QUESTIONS
Compound Interest formula:
A= P(1+(r/n))^nt
I have to use this formula to answer this (answered by Theo)
Factor and check by multiplying
x^8 + 3x^7
just Factor:
81c^6 - 3d^6
Are... (answered by richwmiller)
I don't know if I subtract out the down payment or what to do with it. I've used so many... (answered by math_tutor2020)
I am lost on how to do this problem. I keep confusing myself.
arccos(sin(-2pi/3))... (answered by Edwin McCravy)
Find the compound interest on $5000 at 6% pa.a compounded monthly for 2 years (2dps).... (answered by josmiceli)
5x^2=11x+17 Solve
This one I donot understand ,I keep getting stuck on these particular... (answered by checkley79)
i'm doing business algebra online in college, and we're now talking about continuous... (answered by Theo)
The problem that I am working on is this one:
1/a-b + 4/b-a -8/a+b - 11a-5b/b^2-a^2 I... (answered by josmiceli)
What is the explicit formula for this sequence: {9, 3, 1, 1/3...}?
I know that the... (answered by scott8148)