loan - a thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
If you buy a computer directly from the manufacturer for $3,509 and agree to repay it in 36 equal inIf you buy a computer directly from the manufacturer for $3,509 and agree to repay it in 36 equal installments at 1.73% interest per month on the unpaid balance, how much are your monthly payments? How much total interest will be paid?
[U]Determine the monthly payment[/U]
The monthly payment is [B]$114.87[/B] using our [URL='http://www.mathcelebrity.com/annimmpv.php?pv=3059&av=&pmt=&n=36&i=1.73&check1=1&pl=Calculate']annuity calculator[/URL]
[U]Determine the total payments made[/U]
Total payment is 36 times $114.87 = $4,135.37
[U]Now determine the total interest paid[/U]
Take the total payments of $4,135.37 and subtract the original loan of $3,059 to get interest paid of [B]$1,076.37[/B]
Janice is looking to buy a vacation home for $185,000 near her favorite southern beach. The formulaJanice is looking to buy a vacation home for $185,000 near her favorite southern beach. The formula to compute a mortgage payment, M, is shown below, where P is the principal amount of the loan, r is the monthly interest rate, and N is the number of monthly payments. Janice's bank offers a monthly interest rate of 0.325% for a 12-year mortgage. How many monthly payments must Janice make?
12 years * 12 months per year = [B]144 mortgage payments[/B]
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