3) A bank loans a family $90,000 at 4.5% annual interest rate to purchase a house. The family agrees to pay the loan off by making monthly payments over a 15 year period. How much should the monthly payment be in order to pay off the debt in 15 years?
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5% Monthly interest rate = 4.5% / 12 = 0.375% = 0.00375 Show more…
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