How do I calculate a loan? Given the cost, the APR and how many years till its paid off (15 year loan). How much will you borrow? What is the monthly payment?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
How do I calculate a loan? Given the cost, the APR and how many years till its paid off (15 year loan). How much will you borrow? What is the monthly payment?
here given details are the cost, Annual percentage rate (APR) and the total tenure of the loan repayment (15 years).
We need to calculate the amount can be borrowed and monthly payment.
First step is to see the cost which we have to pay. See if you have any savings to pay some part of it and the balance amount should be taken as loan to pay the total cost.
Let us assume that the
Once we know the amount which we are borrowing then we can calculate the monthly payment with the given information.
Let us assume the amount borrowed = L
Annual percentage rate = i%
n = total number of payments and M be the monthly paid amount.
Here given interest rate as i% which is annual interest rate. First divide the interest rate i by 100 and write it in decimal form and then divide it by the total number of payments done in year.
Here payments are done monthly so the number of payments per year = 12
So the effective interest rate " j"= i/12 (remember i should be in decimal form)
Here the total tenure of the loan to be repaid is given as 15 years and we pay monthly, there are 12 months in a year. SO the total number of payments = 12*15 = 180 = n
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