Homework Answers
| monthly payment if loan is for 15 years | ||
| Loan Amount | 165000 | |
| Interest rate per period | 0.005 | |
| Number of periods | 180 | |
| EMI = [P x R x (1+R)^N]/[(1+R)^N-1] | ||
| Where, | ||
| EMI= Equal Monthly Payment | ||
| P= Loan Amount | ||
| R= Interest rate per period | ||
| N= Number of periods | ||
| = [ $165000x0.005 x (1+0.005)^180]/[(1+0.005)^180 -1] | ||
| = [ $825( 1.005 )^180] / [(1.005 )^180 -1 | ||
| =$1392.36 | ||
| Monthly excess amount need to be paid | ||
| =$1392.36-989.26 | ||
| =$403.10 | ||
| Correct Option : THIRD | ||
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