Kyle got a 250 000 housing loan at an annual in... - SS3 Mathematics Financial Arithmetic Question
Kyle got a \(\$ 250,000\) housing loan at an annual interest rate of \(10\%\). If the loan is amortized for a \(30\ year\ term\), what is the monthly payments Kyle is expected to pay?
\[P = 250000\ ,\ i = \frac{0.1}{12} = 0.0083333,\ n = 30 \times 12 = 360\]
\[R = \frac{250000(0.0083333)}{1 - \left( \frac{1}{1 + 0.0083333} \right)^{360}} = \$ 2,193.92\]
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