Please use formula in solving. You are interested in buying a house worth P1,200,000. You paid P250,000 as down payment. In order to pay for the remaining amount, you take out a loan from the bank at a 9% interest rate to be paid for 25 years. a) What is your monthly payment? b) What is the total interest paid for the loaned amount? c) How much of the principal has been paid after 10 years? d) After 15 years, you decide to sell the house. How much should the selling price be to cover the remaining balance of the payments
Please use formula in solving. You are interested in buying a house worth P1,200,000. You paid P250,000 as down payment. In order to pay for the remaining amount, you take out a loan from the bank at a 9% interest rate to be paid for 25 years. a) What is your monthly payment? b) What is the total interest paid for the loaned amount? c) How much of the principal has been paid after 10 years? d) After 15 years, you decide to sell the house. How much should the selling price be to cover the remaining balance of the payments
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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Please use formula in solving.
You are interested in buying a house worth P1,200,000. You paid P250,000 as down payment. In order to pay for the remaining amount, you take out a loan from the bank at a 9% interest rate to be paid for 25 years.
a) What is your monthly payment?
b) What is the total interest paid for the loaned amount?
c) How much of the principal has been paid after 10 years?
d) After 15 years, you decide to sell the house. How much should the selling price be to
cover the remaining balance of the payments?
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