a) How much will your monthly payment be if you borrow $150,000 at 6.2% interest compounded monthly to be paid back over a 30 year period?
b) How much interest do you pay for the loan?
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All I ask for is a formula for both a and b, please. It's up to you if you want to show the work done to solve it. The more info the better!
b) How much interest do you pay for the loan?
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All I ask for is a formula for both a and b, please. It's up to you if you want to show the work done to solve it. The more info the better!