2. You got a loan of $400,000 from a bank for your new house at a yearly interest rate of 8%, compounded monthly. How much do you pay total to the bank if the loan is 15 years? How much do you pay total to the bank if the loan is 30 years?
2. You got a loan of $400,000 from a bank for your new house at a yearly interest rate of 8%, compounded monthly. How much do you pay total to the bank if the loan is 15 years? How much do you pay total to the bank if the loan is 30 years?
Introduction to Chemical Engineering Thermodynamics
8th Edition
ISBN:9781259696527
Author:J.M. Smith Termodinamica en ingenieria quimica, Hendrick C Van Ness, Michael Abbott, Mark Swihart
Publisher:J.M. Smith Termodinamica en ingenieria quimica, Hendrick C Van Ness, Michael Abbott, Mark Swihart
Chapter1: Introduction
Section: Chapter Questions
Problem 1.1P
Question
Transcribed Image Text:2.
You got a loan of $400,000 from a bank for your new house at a yearly interest rate
of 8%, compounded monthly.
How much do you pay total to the bank if the loan is 15 years?
How much do you pay total to the bank if the loan is 30 years?
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