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How many payments are necessary to pay off the loan

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Reference no: EM132508593

A couple decides to buy a house which is currently valued at $318,921.46 on loan. The couple is willing to start paying $200.00 per month and are willing to increase their payment at a rate of 5% every month.

Question 1: How many payments are necessary to pay off the loan amount assuming no deposit was made (answer to the nearest whole number)?

Question 2: What is the value of the final payment that they would make assuming no deposit was made (answer to the nearest whole number)? [Hint: apply geometric sequences].

Reference no: EM132508593

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