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If you borrow N$150,000 for a house at an 8% compound annual interest rate for 30 years, what is your monthly payment?

Question

If you borrow N$150,000 for a house at an 8% compound annual interest rate for 30 years, what is your monthly payment?
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Solution 1

To calculate the monthly payment for a loan, you can use the formula for the monthly payment on an amortizing loan, which is:

P = [r*PV(1 + r)^n] / [(1 + r)^n - 1]

Where: P = monthly payment r = monthly interest rate (annual rate / 12) PV = loan amount (present value) n = number of payments (loan Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.

Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
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