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What is the required monthly payment

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Reference no: EM133110256

For a loan of $100,000, with a 5% annual interest rate for 30 years, what is the required monthly payment?

Fill in the blanks based on the problem information. Use a financial calculator or financial calculator app on your phone, or financial calculator website to solve the problem:

N (# of periods) = 360

I/Y (interest rate - make sure to adjust from an annual rate to monthly) = 5% / 12

PMT (payment) =

FV (future value) = $100,000

PV (present value) =

Is $5000 the correct answer?

Reference no: EM133110256

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