Math, asked by sauravdawadi123, 1 month ago

A couple purchasing a home budget $18000 per month for their loan payment .is they has 20000$ avaliable for down payment and are considering a 25 years loan ,how much can they spend on the home if the loan is at 6.9% compounded monthly .

Answers

Answered by swastika1234singh
0

Step-by-step explanation:

rate of interest per month(i)= 6.9%pa= 6.9/1200= 0.00575

monthly payment (p)=$1800

no.of period (n)= 12×25=300

now

perest value of loan= p[1-(1+ i)^-n]/i

=1800[1-(1.00575)^-300]/0.00575

= 1800×0.8209/0.00575

= $256991.33

total money spend on the home= $256991.33+$20000

=$276991.33

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