Econ Loan Problem-Help
Need help on part B. Answers are given, just can’t arrive at the answer.
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You purchase a house and take out a $100,000 loan with a 30-year term at 12% nominal annual interest rate (monthly compunding)
a) What are your monthly payments? Answer=$1028.61
b)If you pay off the loan at the end of 5 years (after 60th payment), how much will you have to pay the bank at that time?
ANSWER=$97,663.43
Any help on part B would be greatly appreciated. Would really help a college student out
