Question

A consumer takes a loan of $150,000 to be repaid in monthly constant installments over 10 years. the nominal interest rate compounded monthly for this loan is 3.6331%.

Answer 1

Answer:$10.862005 million

Explanation:

150,000*1.036331 monthly

12*10=120

$150,000*1.036331 ^120=$10.862005 million

Answer 2

$10.862005 million

Explanation:

150,000*1.036331 monthly

12*10=120

$150,000*1.036331 ^120=$10.862005 million

seams very unrealistic lol