Homework Answers
Loan Amount = 160,000(1 - 0.20) = $128,000
Calculating Monthly payment on Loan,
using TVM Calculation,
PMT = [PV = 128,000, FV = 0, N = 360, I = 0.04/12]
PMT = $611.09
Total Interest Paid = Total Amount Paid - Principal Paid
Total Interest Paid = 611.09(360) - 128,000
Total Interest Paid = $91,992.40
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