Using TVM-Solver, the monthly payment, interest repayment, and total amount repaid, including down payment are as follows:
PMT (Monthly Pay) = $1,027.27
Amount repaid for the loan = $369,817.35
Amount of interest paid = $229,817.35
Total amount repaid (include down payment) = $404,817.35.
How the monthly and down payments are computed:
We can use TVM-solver or an online finance calculator to find the monthly payment, interest repayment, and total amount repaid, including down payment.
PV (present value) = $175,000.00
Loan Term = 30 years (360 months)
Interest Rate = 8%
PMT (Monthly Pay) = $1,027.27
PV (present value) = $175,000
Down Payment = 20%
Down Payment = $35,000.00
Loan Amount = $140,000
PMT (Monthly Pay) = $1,027.27
Amount repaid for the loan = $369,817.35
Amount of interest paid = $229,817.35
Total amount repaid (include down payment) = $404,817.35
Complete Question:
Use the listed information to compute the following:
PMT= (Solve for this)
Amount repaid for the loan:
Amount of interest paid:
Total amount repaid (include down payment):