Question

Given that the loan amount is $300000 find the monthly payment (principal and interest) for each...

Given that the loan amount is $300000 find the monthly payment (principal and interest) for each option

a) fixed rate, 4.5% APR and 30 years

b) ARM 5/1, 2% APR and 15 years

c) Interest only, 3.75% APR and 10 years

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Homework Answers

Answer #1

a)

b)

c)

Monthly payment

Interest=300,000*3.75%/12

=$937.50

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