A problem is listed below. Identify its type.

John bought a new house. He made a $4,500 down payment and financed the rest, $280,000, through his credit union. The credit union charged him 11% per year compounded monthly for 22 years. How much were his monthly payments?
a) Present Value of an Annuity
b) Future Value with compound interest
c) Amortization
d) Sinking Fund
e) Present Value

1 answer

All of your prob. are similar.