emmakendall8479 emmakendall8479

26-06-2019
Business

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James wants to take out a loan. He can afford to make monthly payments of 200 dollars and wants to pay the loan off after exactly 20 years. What is the maximum amount that James can afford to borrow if the bank charges interest at an annual rate of 6 percent, compounded monthly

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crazymanxavier crazymanxavier

26-06-2019

A = $250000 * (1 + 0.06/12)^(12 * 1/6)

≈ $252506.25

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