Hard to tell, since you did not state any interest rate involved.
Surely you are not just going to do: 6500*15*12 - 500000*.9
btw, assume the interest rate is k per month, then
6500(1 - (1+k)^-180 )/k = 450000
which gave me a value of k = .01304..
which translates to a rate of appr 15.65% per annum, compounded monthly
A man wants to buy a residential house valued at she.500000. A housing finance company advances him 90% of the amount. He repays by equal monthly installments of sh.6500 for 15 years. Calculate the total interest paid to the financing company
5 answers
45000
720,000
How can I solve for
6500(1-(1+k)^180)
6500(1-(1+k)^180)
65000(1-(+k)^180)
1 answer