Loan is to be amortized at end of term

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Reference no: EM132015066

The Blakelys borrowed $120,000 from a bank to help finance the purchase of a house. The bank charges interest at a rate of 5.4% per year on the unpaid balance, with interest computations made at the end of each month. The Blakely's have aggreed to repay the loan in equal monthly installments over 30 years. How much should each payment be if the loan is to be amortized at the end of the term?

Reference no: EM132015066

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