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Charles is at a savings bank applying for home mortgage loans.
He needs to borrow $150,000. The loan period is 30 years and
the interest rate is 6.25%.
Use the Loan Calculator e to answer the following question. (Do
not use commas or dollar signs in your answers.)
How much will Charles pay each month?

Charles is at a savings bank applying for home mortgage loans He needs to borrow 150000 The loan period is 30 years and the interest rate is 625 Use the Loan Ca class=

Respuesta :

Charles has to pay $923.58 per month to repay the loan of $150,000 in 30 years at 6.25% interest.

What is EMI?

EMI refers to regular payments made to repay the outstanding borrowed amount.EMI stands for Equated Monthly Installment.

Given,

Loan = $150,000

Time = 30 years

Interest = 6.25%

Required to calculate EMI on monthly bases  

Calculation of EMI on monthly bases is shown in the image given below

Thus, Charles has to pay $923.58 per month to repay the loan.

Learn more about EMI here:

https://brainly.com/question/27587721

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