Mr. Bill S. Preston, Esq., purchased a new house for $130,000. He paid $30,000 down and...
Mr. Bill S. Preston, Esq., purchased a new house for $130,000. He paid $30,000 down and agreed to pay the rest over the next 30 years in 30 equal end-of-year payments plus 8 percent compound interest on the unpaid balance. What will these equal payments be?
Homework Answers
What will these equal payments be?
=(130000-30000)*(8%)/(1-1/(1+8%)^30)
=$8,882.74
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Mr. Bill S. Preston, Esq., purchased a new house for $130,000.
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