Compute the monthly payment on a $65,000 loanif the principal and interest are to be repaid in 84 equak installments with the first payment due one month from now. The annual interest rate is 8.50%. Using this information, you consider taking an additional year to off the loan. What is the new monthly payment if you do this take one more year at the same rate to pay off the loan? Using the information from the previous two questions, how much reduction in monthly payments is there if you take an extra year to pay off the loan (i.e. 12 months or more)?
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Compute the monthly payment on a $65,000 loanif the principal and interest are to be repaid in 84 equak installments with the first payment due one month from now. The annual interest rate is 8.50%.
Using this information, you consider taking an additional year to off the loan. What is the new monthly payment if you do this take one more year at the same rate to pay off the loan?
Using the information from the previous two questions, how much reduction in monthly payments is there if you take an extra year to pay off the loan (i.e. 12 months or more)?
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