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/ - 1]/(0.0399/12)/(1+0,0399/

Guest Apr 23, 2017
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 #1
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751.36 [(1+0.0399/12)^(12*30) - 1]/(0.0399/12)/(1+0,0399/12)^(12*30) =

 

751.36 x                                              209.71441.........

=$157,571.02 - This is the PV of a loan, mortgage, annuity....etc. with a monthly payment of $751.36 @ 3.99% over a period of 30 years.

Guest Apr 23, 2017
 #2
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what about with a 15 year loan ?

Guest Apr 24, 2017
 #3
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Given the same monthly payment of $751.36 and the same interest rate of 3.99% over a period of 15 years or 180 months, the Present Value of the loan will be =$101,646.82.

Guest Apr 24, 2017
 #4
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what will the monthly payment of the 15 year loan be, if my monthly salary is $751.36; and my monthly payment cannot be more than 28% of this?

Guest Apr 24, 2017
 #5
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Well, if your monthly payment cannot exceed 28% of $751.36, which means: $751.36 x 28% =$210.38, then the question becomes: What loan amount can you afford to borrow at 3.99% over a period of 15 years? The answer would be =$28,461.00.

Guest Apr 24, 2017

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