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The monthly principal and interest payment John will pay monthly is $3,750.04
<h3>What is the amount of principal and interest repayment?</h3><h3 />Given:
- P = 10,000
- i = 5% / (12 months) = 0.375
- L = 36 months
Approximately,
M = $3,750.04
Therefore, John will be be repaying $3,750.04 monthly including principal and interest
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Answer:
p = $ 12521.82
Step-by-step explanation:
Interest Rate = 3.6 %, Compounding Frequency: Semi-Annual, Equivalent Annual Interest Rate %
Number of Repayments is 11 with 10 being equal in magnitude and the last one being worth $ 270, the first repayment comes at the end of Year 2
Let $ p be the level payments that required. Therefore,
100,000 - 176.01 = p x 7.972
p = $ 12521.82