SOLUTION: Please help me with the homework below: Peter get employed on the first of January 2020, suppose Peter purchase an apartment of R180000.00 with a deposit of R45000. Peter secure a

Algebra ->  Finance -> SOLUTION: Please help me with the homework below: Peter get employed on the first of January 2020, suppose Peter purchase an apartment of R180000.00 with a deposit of R45000. Peter secure a      Log On


   

Question 1196244: Please help me with the homework below:
Peter get employed on the first of January 2020, suppose Peter purchase an apartment of R180000.00 with a deposit of R45000. Peter secure a mortgage bond with a bank for the balance at 18% interest per annum, compound monthly with a term Of 20 years. What will be the monthly payment?
Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
using the calculator at https://arachnoid.com/finance/index.html, i get the following.

payment at the end of each month = 2,083.47 is your answer.
present value = 180,000 minus 45,000 = 135,000.
that's your loan amount.
future value = 0
number of time periods = 20 * 12 = 240 months.
interest rate per month = 18/12 = 1.5%.