Homework Answers
Ans $ 7340.86
| P = | Regular Payments |
| PV = | Loan Amount |
| r = | rate of interest |
| n = | no of periods |
| P = | r (PV) |
| 1 - (1 + r )-n | |
| P = | 5%*35000 |
| 1 - (1 / (1 + 5%)^7)) | |
| P = | 1750 |
| 0.28931867 | |
| P = | 6048.693645616 |
| INTEREST = | TOTAL EMI - PRINCIPAL |
| 6048.69364561597 * 7 - 35000 | |
| 7340.86 |
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