what is the monthly payment on a loan of 250,000 with 6% interest that compounds monthly for 30 years

how much will be owed in 5 yrs
how much will be owed in 10 years

  1. 👍 0
  2. 👎 0
  3. 👁 205
  1. The monthly payment will be $1488.

    Use an amortization calculator such as

    1. 👍 0
    2. 👎 0
  2. Make that $1499 monthly payment.

    After 5 years, the loan principal will be $229,202

    After 10 years, the loan principal will be $209,583

    1. 👍 0
    2. 👎 0

Respond to this Question

First Name

Your Response

Similar Questions

  1. MATH

    Dave takes out a 24-year mortgage of 210,000 dollars for his new house. Dave gets an interest rate of 13.2 present compounded monthly. He agreed to make equal monthly payment, the first coming in one month. After making the 68th

  2. Finite Math

    Five years ago, Diane secured a bank loan of $370,000 to help finance the purchase of a loft in the San Francisco Bay area. The term of the mortgage was 30 years, and the interest rate was 10% per year compounded monthly on the

  3. Finance

    Loan Payments - If you take out an $8,000 car loan that calls for 48 monthly payments APR of 10 percent, what is your monthly payment? What is the effecgive annual interest rate on the loan? the montly rate is 0.10/12=.0083333...

  4. MATH

    Levi would like to use a credit card to make a $3000 purchase. He is considering two credit options. The first requires a down payment of $1000 followed by monthly payments of $125. The second requires a down payment of $1300

  1. math

    Jon Ericson bought a home with a 11.5% adjustable rate mortgage for 20 years. He paid $10.67 monthly per thousand on his original loan. At the end of 2 years he owes the bank $50,000. Now that interest rates have gone up to 13%,

  2. Math

    4. Find the monthly payment for the loan. (Round your answer to the nearest cent.) $700 loan for 12 months at 15% 5. Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $128,000 home bought with a 20%

  3. Math

    Find the amount of interest and the monthly payment for the loan. Purchase a living room set for $3,600 at 12% add-on interest for 2 years. (Round your monthly payment to the nearest cent.) $_____ interest $_____ per month

  4. Mathematics

    I really need help with these three questions. Thank You. 1. Calculate the finance charge and new balance using the previous balance method. Previous balance = $179.32 Annual rate = 16% Finance charge $ ? New purchases = $117.42

  1. Finance

    You are considering borrowing $150,000 to purchase a new home. a. Calculate the monthly payment needed to amortize an 8 percent fixed-rate 30-year mortgage loan. b. Calculate the monthly amortization payment if the loan in (a) was

  2. Maths

    Amortization of a $1000 Loan Interest Monthly payment rate 15yr 20yr 25yr 30yr 9.5% $10.45 $9.33 $8.73 $8.41 10.0% $10.75 $9.66 $9.09 $8.78 10.5% $11.06 $9.99 $9.45 $9.15 11.0% $11.37 $10.33 $9.81 $9.53 11.5% $11.69 $10.66 $10.16

  3. mathematics

    The monthly loan payment was calculated at 119 payments of $330.38 plus a final payment of $329.73 Loan balance: $25,000.00 Loan interest rate 10.0% Monthly loan payment: $330.38 Number of payments: 120 Cumulative Payments:


    Part III: Mathematics of Finance 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

You can view more similar questions or ask a new question.