SOLUTION: To finance their new home, the Johnson's have agreed to a $200,000 mortgage loan at 6.25% APR. Their monthly payments are $1200. How much time will it take to pay off the loan? H
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-> SOLUTION: To finance their new home, the Johnson's have agreed to a $200,000 mortgage loan at 6.25% APR. Their monthly payments are $1200. How much time will it take to pay off the loan? H
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Question 733075: To finance their new home, the Johnson's have agreed to a $200,000 mortgage loan at 6.25% APR. Their monthly payments are $1200. How much time will it take to pay off the loan? How much interest will they pay? This is the formula I have:
PV = R(1/(1+i)^-n)/i Answer by lynnlo(4176) (Show Source):
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