Calculate the monthly loan payment to repay a home loan

Reference no: EM13318760

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?

Reference no: EM13318760

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