# Present value

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? ### Correct answer: PMT = 688.494 ### Step-by-step explanation: We will be pleased if You send us any improvements to this math problem. Thank you! Tips to related online calculators Do you want to convert time units like minutes to seconds? #### You need to know the following knowledge to solve this word math problem: ## Related math problems and questions: • Future value Suppose you invested$1000 per quarter over a 15 years period. If money earns an anual rate of 6.5% compounded quarterly, how much would be available at the end of the time period? How much is the interest earn?
• Loan
Apply for a $59000 loan, the loan repayment period is 8 years, the interest rate 7%. How much should I pay for every month (or every year if paid yearly). Example is for practise geometric progression and/or periodic payment for an annuity. • Bank Paul put$a in the bank for $r years. Calculate how much you will have in the bank if he not pick earned interest or change deposit conditions. The annual interest rate is$u%, and the tax on interest is $d%. • Savings Suppose on your 21st birthday you begin making monthly payments of$500 into an account that pays 8% compounded monthly. If you continue the payments untill your 51st birthday (30 years), How much money will be in your account? How much of it is interest?
• Annual interest
A loan of 10 000 euro is to be repaid in annual payments over 10 years. Assuming a fixed 10% annual interest rate compounded annually, calculate: (a) the amount of each annual repayment (b) the total interest paid.
• Retirement annuity
How much will it cost to purchase a two-level retirement annuity that will pay $2000 at the end of every month for the first 10 years, and$3000 per month for the next 15 years? Assume that the payment represent a rate of return to the person receiving th
• Compound interest
Compound interest: Clara deposited CZK 100,000 in the bank with an annual interest rate of 1.5%. Both money and interest remain deposited in the bank. How many CZK will be in the bank after 3 years?
• Deposit
If you deposit $x euros at the beginning of each year, how much money we have at$p% (compound) interest after $n years? • Interest Calculate how much you earn for$n years $x deposit if the interest rate is$p% and the interest period is a quarter.
• Savings
The depositor regularly wants to invest the same amount of money in the financial institution at the beginning of the year and wants to save 10,000 euros at the end of the tenth year. What amount should he deposit if the annual interest rate for the annua
• Investment
1000$is invested at 10% compound interest. What factor is the capital multiplied by each year? How much will be there after n=12 years? • How much 2 How much money would you need to deposit today at 5% annual interest compounded monthly to have$2000 in the account after 9 years?
• If you 3
If you deposit $4500 at 5% annual interest compound quarterly, how much money will be in the account after 10 years? • When will I be a millionaire?$name monthly send $money euros to the bank, which he deposits bear interest of$p% p. A. Calculate how many months must $name save to save$total euros? Inflation, interest rate changes, or bank failures ignore.
• Loans, loan ...
In Slovakia, launched a short-term non-bank loans, of which few people have their "take" are considered unfavorable. Often, the borrower ends up in a spiral of debt, which takes more and more onerous loan used to repay earlier loans. Calculate how many 9-
• Compound interest 4
3600 dollars is placed in an account with an annual interest rate of 9%. How much will be in the account after 25 years, to the nearest cent?
• Debt
Joe and Caryl have a debt of $100,500. Joe makes$90,000 per year, and Caryl makes \$35,000 per year. How much should both pay to zero out the debt fairly, based on their salaries?