Homework Help: Algebra

Posted by Anonymous on Monday, March 21, 2011 at 3:54pm.

You have just graduated from college and landed your first big job. You have always dreamed of being a homeowner, and after carefully shopping for your dream home, you find one that you would like to purchase at a cost of $250,000. After researching banks to find the best interest rate, you find that Banks for Homeowners offers the best rate of 6% interest that compounds monthly for 30 years.

* What is the monthly payment for this loan?
* What is the unpaid balance of the loan at the end of 5 years?
* What is the unpaid balance at the end of the 10th year?

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