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anonymous
 5 years ago
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 to purchase at a cost of $250,000. After researching banks to find the best interest rate, you find that Banks for Homeowners offers the best rate of 6% interest that compounds monthly for 30 years.
•What is the monthly payment for this loan?
•What is the unpaid balance of the loan at the end of 5 years?
•What is the unpaid balance at the end of the 10th year?
anonymous
 5 years ago
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 to purchase at a cost of $250,000. After researching banks to find the best interest rate, you find that Banks for Homeowners offers the best rate of 6% interest that compounds monthly for 30 years. •What is the monthly payment for this loan? •What is the unpaid balance of the loan at the end of 5 years? •What is the unpaid balance at the end of the 10th year?

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anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0Do you want the whole derivation or just the formula

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0I have the first part I need the 5 year and the 10 year equation

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0D monthly payment P Interest rate

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0I am usually pretty great at math but some reason this is getting to me. so you would take 250,000 (1+0.005)^60/0.005

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0I solved it here http://openstudy.com/users/imranmeah91#/users/imranmeah91/updates/4dca9ea340ec8b0b47ed0f17
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