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
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loan amount = 1200000
annual interest = 12%
term = 5 years
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copy and paste the above data in to this solver:
https://sooeet.com/finance/amortization-calculator.php
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solution:
monthly payment: 26,693.34
total amount paid: 1,601,600.23
total interest paid: 401,600.23
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