00:01
Alright, so you're looking for p and oops, that's not right in red.
00:05
P is going to have a large equation where we're going to take our p loan times r 1 plus r to the power of n over r, excuse me, over 1 plus r to the power of n minus 1 all over 12 here.
00:24
And so p is the monthly payment, p loan is the loan amount which is 400 ,000.
00:29
So p loan is equal to 400 ,000 dollars.
00:34
R is the interest rate and n is the total number of payments which in this case is 30.
00:41
30 years multiplied by 12 months.
00:45
So times 12 which is equal to 360 and the rate is 4 .9 percent over 12 times 100 since you want a decimal and r is going to equal 0 .00408.
00:59
So now we can calculate, we can plug everything into our equation and you're going to get an outcome of approximately 2 ,000 dollars, 117 .63 cents.
01:16
Now for part b, amount of the 181st month's payment after 15 years that goes towards payment of principal.
01:22
So remaining number of payments is going to be 360 minus 180 which gives us 180...