May 24, 2016

Homework Help: math

Posted by student on Tuesday, June 19, 2007 at 11:42pm.

what formula would i use to solve for this:

Loan Interest A developer needs $80,000 to buy land. He is able to borrow the money at 10% per year compunded quarterly. How much will the interest amount to if he pays off the loan in 5yrs?

You need a loan amortization table to determine the quarterly installment payment required to pay off the loan in 5 years (20 quarters). You can find a useful took at http://www.yona.com/loan/
I get the quarterly payment to be $5131.77 and the total interest paid to be $22,635.40

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