Asked by elizabeth
If I lend somebody one hundred thousand dollar and they have to pay me back in five years, with 4% interest...how much will I get monthly ?
( I am NOT a student...however I am thinking of lending my community this amount of money. Can't find any site that can help me. ) Thank you
( I am NOT a student...however I am thinking of lending my community this amount of money. Can't find any site that can help me. ) Thank you
Answers
Answered by
Henry
P = (Po*r*t)/(1-(1+r)^-t)
Po = $100,000
r = (4%/12)/100% = 0.003333 = Monthly %
rate expressed as a decimal.
t = 5yrs * 12mo./yr. = 60 Months.
Plug the given values into the Eq and
get: P = $110,499.13 = Pay-back amount.
Interest=110,499.13 - 100000=$10,499.13
Monthly Payments = $1841.65
The given Eq is used by Lending Institutions for home and auto loans.
Po = $100,000
r = (4%/12)/100% = 0.003333 = Monthly %
rate expressed as a decimal.
t = 5yrs * 12mo./yr. = 60 Months.
Plug the given values into the Eq and
get: P = $110,499.13 = Pay-back amount.
Interest=110,499.13 - 100000=$10,499.13
Monthly Payments = $1841.65
The given Eq is used by Lending Institutions for home and auto loans.
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