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How much money does Ian save per month

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Question - How do you figure out what your monthly payment would be when you know the loan amount the term and the interest rate?  To figure out the best option to rent or buy, as below? 

Ian has the option of purchasing or renting a home. The purchase option requires a loan of $100,000 for a 20 year term at a 4.9% interest rate. The rental option requires a monthly rental payment of $725.

Using the loan amortization formula, how much money does Ian save per month if he purchases the home instead of renting it?

Reference no: EM133070705

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