Question

Based on a table provided in your reading material determine the monthly payment for a $100,000 loan if the interest rate is 6% and the term of the loan is 15 years

Answer 1

$844

Explanation:

you have to round $843.86 to the nearest dollar which comes out to $844

you can also look at the chart it gives you the answer in the book and it says $844 a month

Answer 2

Answer: The monthly payment on this loan would be $843.86.

Online you can find numerous loan calculators if you don't have access to the one in your reading material. All you need to do is enter the loan amount of $100,000 with a rate of 6% over the course of 15 years.

Entering these values will give a monthly payment of $843.86.