Ok so the total loan is $102,430.00 The loan term is 5 years at an interest rate of 12%. What is the montly payments, the annual interest rate payment and the total amount to be repaid (after 5 years).
And could you show me your workings, im no good at maths and ive been getting all sorts of figures all day.
Here is the first part to your question. I am not really sure what you are asking for in the other 2 parts.
A = Amount
i = Annual Percentage Rate divided by 1200 (12% annual rate becomes .01)
N = Months would be 12 × 5 = 60
P = Monthly Payment
P = [i ÷ [i + ((1 + i) ^ N) -1)]] x A
P = [.01 ÷ [.01 + ((1.01 ^ 60) -1)]] × [$102,430]
P = $2,278.50
Divide the 12% by 12 since it’s monthly. Multiply the 5 years by 12 since it’s monthly.
You should be able to get it from there.
($2,278.50)*60 = ($136,709.93)
($136,709.93)+102430=($34,279.93)/5=($6,855.99)
References :
http://www.ownerearnings.blogspot.com/
Here is the first part to your question. I am not really sure what you are asking for in the other 2 parts.
A = Amount
i = Annual Percentage Rate divided by 1200 (12% annual rate becomes .01)
N = Months would be 12 × 5 = 60
P = Monthly Payment
P = [i ÷ [i + ((1 + i) ^ N) -1)]] x A
P = [.01 ÷ [.01 + ((1.01 ^ 60) -1)]] × [$102,430]
P = $2,278.50
References :
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