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3 years ago

Warm-Up

Business

1 answer:

zloy xaker [14]3 years ago

4 0

Answer:

$1,088.12

Explanation:

The formula for calculating monthly repayments is as below.

M= P x r

1 − (1+r)−^n

where p is the loan amount = $220,000

r = 4.3per cent or 0.043 % interest rate per year,

on monthly basis r will be 0.043/12=0.00358%

n = 30 year, which is 30 x 12 months= 360 months

M= $220,000 x 0.00358

1 - (1+0.00358 ) ^ - 360

M=$220,000 x 0.00358

1- 0.2762

M = $220,000 x (0.00358 /0.7238)

M = $220,000 x 0.0049461

M = 1,088.12

Monthly payments will be $1,088.12

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LekaFEV [45]

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