Question

Kathrina wants to buy a lot which costs 1 million pesos. She plans to
give a down payment of 20% of the cost, and the rest will be paid by
financing at annual interest rate of 12% for 10 years in equal monthly
installments? What will be the monthly payment?

Answer 1

After the downpayment she has 800,000 to pay off
i = .12/12
= .01
n = 120

pay(1 - 1.01^-120)/.01 = 800,000
pay = ....

you push the buttons on the calculator.

Answer 2

the total cost of the lot =1,000,000
she has to give a down payment of 20%
20x1,000,000=200,000
D.P = 200,000
SHE HAS 800,000 TO PAY OFF
SHE WILL HAVE TO GIVE 12% (OF 800,000) EVERY YEAR FOR 10 YRS IN A ROW
12% OF 800,000=96,000 EVERY YEAR
SHE WILL HAVE TO PAY 96,000 ANNUALY
WHAT WILL BE THE MONTHLY PAYMENT?
96,000/12 (YEARS OF THE MONTH)
=8.000 DOLLARS EVERY MONTH
SHE WILL HAVR TO PAY 8,000 DOLLARS EERY MONTH
CHECK YOUR ANSWER
IF SHE PAYS 8,000 EVERY MONTH FOR 10 YRS IN A ROW,HOW MUCH WILL SHE HAVE PAID AT THE END OF THE 10 YR TERM?
8,000 x 10=800,000 the exact amount she has to pay off

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Answer 3

141,587.33 will be the monthly payment

Answer 4

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