Question

Cassidy is planning to obtain a loan from her bank for $210,000 for a new home. the bank has approved cassidy’s loan at a fixed annual interest rate of 2.7% compounded monthly for 15 years. use the formula to determine cassidy's approximate monthly payment.

Answer 1

Cassidy's approximate monthly payment stands at $1420. if Cassidy lives planning to obtain a loan from her bank for $210,000 for a new home.

What is the payment monthly?

The monthly payment is the quantity paid per month to pay off the loan in the time period of the loan. When a loan is taken out it isn't only the top amount, or the original payment loaned out, that needs to be repaid, but also the good that accumulates.

What is a loan amortization schedule?

It is described as the systematic method of representing loan payments according to the time in which the principal amount and interest exist mentioned in a list manner

It is given that:

• Cassidy lives planning to obtain a loan from her bank for $210,000 for a new home.
• A fixed annual interest rate of 2.7% compounded monthly for 15 years.

The formula is:

$P=F_{P} (i)/1-(1+i)^{-1}$

Plug all the values in the above formula:

$P=210000(2.7/12)/1-(1+(2.7/12)^{-15*12}$

$1420.

Hence,

Cassidy's approximate monthly payment stands at $1420.

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