Econ Loan Problem-Help

Sep 12th, 2015
Anonymous
Category:
Accounting
Price: $5 USD

Question description

Need help on part B. Answers are given, just can't arrive at the answer.

---

You purchase a house and take out a $100,000 loan with a 30-year term at 12% nominal annual interest rate (monthly compunding)

a) What are your monthly payments? Answer=$1028.61

b)If you pay off the loan at the end of 5 years (after 60th payment), how much will you have to pay the bank at that time?

ANSWER=$97,663.43

Any help on part B would be greatly appreciated. Would really help a college student out


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