Calculate the monthly loan payment to repay

Reference no: EM13546919

It is not uncommon to borrow $100,000 or more to purchase a home. Banks typically offer 15-,20-, and 30- year loans.

a) Calculate the monthly loan payment to repay a $100,000 home loan at 7% ARP over 30 years.

b) how much more must be paid each month to pay off the loan in 15 years? This is meant to be solved throughout excel

Reference no: EM13546919

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