Mr And Mrs Bunnell Purchased A House And Lot Worth 4 Million They Paid A Down Payment Of He 800,000

mr and mrs bunnell purchased a house and lot worth 4 million they paid a down payment of he 800,000 they plan to amortize the loan of 3200000 by paying monthly for 20 years the interest rate is 12% convertible monthly how much is the monthly payment

 

Answer:

\huge{✏Problem}

Mr. and Mrs. bunnell purchased a house and lot worth 4 million they paid a down payment of he 800,000 they plan to amortize the loan of 3200000 by paying monthly for 20 years the interest rate is 12% convertible monthly how much is the monthly payment?

\huge{✏Answer}

Monthly \: payment = p33,000

Total \: interest \: paid = p7,920,000

\huge{✏Solution}

Given:

Loan amount (P)=p3,300,000

Timeperiod(T)=20 \: years

Rate \: of \: interest(R) = 12\%

To Find:

Monthly \: payment

Total \: interest \: paid

Solution:

From given,

Total \: interest = \frac{PRT}{100}

= \frac{(p3,300,000)(12)(20)}{100}

= (p33,000)(12)(20)

= p7,920,000

∴ monthly \: payment \: = \frac{p7,920,000}{20 \times 12}

= p33,000


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