Ask a New Question

Question

If the interest rate on a $250,500 loan is 6½ percent for a term of 30 years, what is the principal and interest (PI) payment for the first month?
13 years ago

Answers

Ms. Sue
I = PRT
I = 250,000 * 0.65 * 30
I = 487,500

Total owed = 737,500

737,500 / 360 = 2,048.61

13 years ago

Related Questions

What would the interest rate be if you put 2000 in the bank for 10 years and earned 1200 in interest... What's the interest rate for as loan of 150,000 euros for 10 years, with an interest payment of 22,0... interest rate at 5.99 for 2 years what is an interest rate A:a loan add-on B:a required bank fee C:a service provided by a ret... at what interest rate would a deposit of $20000 grow to $29836 in 25 years with continuous compoundi... What is the interest rate per annum at which the simple interest on 10000in four years is 2000 If the interest rate is 7.5 percent, then what is the present value of $4,000 to be received in 6 ye... What is an interest rate? a. A special type of cost for borrowing money. b. a required bank fee c... Why is the interest rate one of the biggest factors when calculating the financial charges on credit...
Ask a New Question
Archives Contact Us Privacy Policy Terms of Use