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
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-> 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
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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?
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