A buyer got a 30 year loan with a loan balance of $65,000 with an interest rate of 10% and a factor of 8.78. What will be the bo

Question

tatiyna

4 years ago

10

A buyer got a 30 year loan with a loan balance of $65,000 with an interest rate of 10% and a factor of 8.78. What will be the bo

rrowers monthly P & I payment?

Business

1 answer:

goblinko [34] · Answer 1 · 2021-12-05T17:46:24+03:00

goblinko [34]4 years ago

8 0

Answer:
$586.27/mo

Explanation:
Factor doesn’t compound like interest does, 8.78 factor of $65,000 comes out to be $5,707 over the 30 years is $15.85/mo. The loan $65,000, 10% interest rate, 30 years comes out to a monthly payment of $570.42.
$570.42+$15.85= $586.27/mo.