Suppose we have a nice young couple who borrow $700000 from the bank, at an annual interest rate of 3.124%. The mortgage is a 30 year loan, so they need to pay it off within 360 months total. Our happy couple decide to set their monthly mortgage payment at $2000 per month. Will they pay off the loan in time or not? Note that the monthly balance will be calculated as balance = (im × previous balance) - monthly payment where the convert annual interest to a monthly multiplier im is calculated as im = (1 +i) 1/12 and i = annual interest rate. Write a loop for track the total payment in 360 months so that we can evaluate if the couple can pay off the loan. Write in R Please and thank you.
Suppose we have a nice young couple who borrow $700000 from the bank, at an annual interest rate of 3.124%. The mortgage is a 30 year loan, so they need to pay it off within 360 months total. Our happy couple decide to set their monthly mortgage payment at $2000 per month. Will they pay off the loan in time or not? Note that the monthly balance will be calculated as balance = (im × previous balance) - monthly payment where the convert annual interest to a monthly multiplier im is calculated as im = (1 +i) 1/12 and i = annual interest rate. Write a loop for track the total payment in 360 months so that we can evaluate if the couple can pay off the loan. Write in R Please and thank you.
Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
Problem 1PE
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Suppose we have a nice young couple who borrow $700000 from the bank, at an annual interest rate of
3.124%. The mortgage is a 30 year loan, so they need to pay it off within 360 months total. Our happy
couple decide to set their monthly mortgage payment at $2000 per month. Will they pay off the loan in
time or not?
Note that the monthly balance will be calculated as
balance = (im × previous balance) - monthly payment
where the convert annual interest to a monthly multiplier im is calculated as im = (1 +i)
1/12 and i = annual
interest rate.
Write a loop for track the total payment in 360 months so that we can evaluate if the couple can pay off the
loan.
Write in R Please and thank you.
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