Renata has a home loan for $150,000 at 7.5% interest for 30 years and her payment is $987.00 per month (including principal and

Question

3 years ago

9

interest). What is the principal balance after Renata has made one payment on her loan? After two payments?

1 answer:

Maru [420] · Answer 1 · 2022-07-06T05:11:50+03:00

Answer:

Renata has a home loan for $150,000 at 7.5% interest for 30 years and her payment is $987.00 per month.

I have solved this using excel sheet that is attached here.

p = $150000

r = 7.5%

t = $30\times12=360$

EMI = $987

You can see the excel sheet, after first month principle is $ 149,950.50 and after second month it is $149,900.69 .