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What is Impact of Interest Rate on Payments about?
Calculate the annual payment required to repay the loan. Given: Principal (P) = $100,000 Number of payments (n) = 30 years Interest Rate (r) = 5% per year Formula: Payment (C) = P [r(1+r)^n] / [(1+r)^n - 1] C = $100,000 [0.05(1.05)^30] / [(1.05)^30 - 1] C = $100,000 [0.0563] / [5.7246] C = $6,315 Therefore, the annual payment required is $6,315.
- Author
- Бота Омарова
- Language
- EN