contestada

3. How much will the monthly payment for the Riaz family's home loan of $120,000
be if the loan is a 15 year loan with an interest rate with five percent5% annual
interest rate?

Respuesta :

From the interest computed, the monthly payment that will be made is $7500.

How to calculate the interest

The formula to calculate the interest will be:

= PRT/100

= (120000 × 15 × 5)/100

= 90000

Therefore, the monthly payment will be:

= $90000/12

= $7500

In conclusion, the correct option is $7500.

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