In: Finance
Step 1) Calculate the loan amount:
Loan amount = Total cost - money already collected
Loan amount = 3,500,000 - 575,000
Loan amount = 2,925,000
Step 2) Calculate the monthly payment:
We are given the following information:
Payment | PMT | To be calculated |
Rate of interest | r | 3.20% |
Number of years | n | 15.00 |
Monthly | frequency | 12.00 |
Loan amount | PV | 2925000.00 |
We need to solve the following equation to arrive at the required PMT
So the monthly payment is $20482.05