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HMJM-045 - monthly payment is known, to calculate the total amount of money you will pay for a loan, you usually need to know the duration of the loan (i.e., the total number of payments) and the rate of interest on the loan.With this information, you can calculate the total amount of money using the following steps:1. Start by multiplying the monthly payment by the total number of payments to get the total amount of money without interest.2. Then, calculate the total amount of interest by multiplying the price without interest by the rate of interest.3. Finally, add the total amount of interest to the total amount of money without interest to get the total amount of money. A simple example can be used to illustrate this:Suppose you make a total of 120 monthly payments at an interest rate of 5% over a period of 10 years. You have to calculate the total amount of money that you will pay for this loan. The monthly payment is 7000.Payment = 7000Number of Payments = 120Rate of Interest = 5% = 0.05Step 1 Multiply the monthly payment by the total number of payments to get the total amount of money without interest.Total Amount of Money Without Interest = Monthly Payment * Total Number of PaymentsTotal Amount of Money Without Interest = 7000 * 120 = 840000Step 2 Calculate the total amount of interest by multiplying the price without interest by the rate of interest.Total Amount of Interest = Price Without Interest * Rate of InterestTotal Amount of Interest = 840000 * 0.05 = 42000Step 3 Add the total amount of interest to the total amount of money without interest to get the total amount of money.Total Amount of Money = Total Amount of Money Without Interest + Total Amount of InterestTotal Amount of Money = 840000 + 42000 = 882000The total amount of money is 882000.Suppose you make a total of 120 monthly payments at an interest rate of 10% over a period of 10 years. You have to calculate the total amount of money that you will pay for this loan. The monthly payment is 7000.Payment = 7000Number of Payments = 120Rate of Interest = 10% = 0.05Total Amount of Money Without Interest = 7000 * 120 = 840000Total Amount of Interest = 840000 * 0.05 = 42000Total Amount of Money = 840000 + 42000 = 882000Suppose you make a total of 120 monthly payments at an interest rate of 15% over a period of 10 years. You have to calculate the total amount of money that you will pay for this loan. The monthly payment is 7000.Payment = 700Number of payments = 120Rate of interest = 15% = 0.15Total amount of interest without interest = 700 * 120 = 84000Total amount of interest = 84000 * 0.15 = 12600Total amount of money = 84000 + 12600 = 96600Suppose you make a total of 120 monthly payments at an interest rate of 20% over a period of 10 years. You have to calculate the total amount of money that you will pay for this loan. The monthly payment is 7000.Payment = 700Number of payments = 120Rate of interest = 20% = 0.20Total amount of interest without interest = 700 * 120 = 84000Total amount of interest = 84000 * 0.20 = 16800Total amount of money = 84000 + 16800 = 100800Suppose you make a total of 120 monthly payments at an interest rate of 25% over a period of 10 years. You have to calculate the total amount of money that you will pay for this loan. The monthly payment is 7000.Payment = 700Number of payments = 120Rate of interest = 25% = 0.25Total amount of interest without interest = 700 * 120 = 84000Total amount of interest = 84000 * 0.25 = 21000Total amount of money = 84000 + 21000 = 105000Suppose you make a total of 120 monthly payments at an interest rate of 35% over a period of 10 years. You have to calculate the total amount of money that you will pay for this loan. The monthly payment is 7000.Payment = 700Number of payments = 120Rate of interest = 35% = 0.35Total amount of interest without interest = 700 * 120 = 84000Total amount of interest = 84000 * 0.35 = 29400Total amount of money = 84000 + 29400 = 113400Suppose you make a total of 120 monthly payments at an interest rate of 40% over a period of 10 years. You have to calculate the total amount of money that you will pay for this loan. The monthly payment is 7000.Payment = 700Number of payments = 120Rate of interest = 40% = 0.40Total amount of interest without interest = 700 * 120 = 84000Total amount of interest = 84000 * 0.40 = 33600Total amount of money = 84000 + 33600 = 117600Suppose you make a total of 120 monthly payments at an interest rate of 45% over a period of 10 years. You have to calculate the total amount of money that you will pay for this loan. The monthly payment is 7000.Payment = 700Number of payments = 120Rate of interest = 45% = 0.45Total amount of interest without interest = 700 * 120 = 84000Total amount of interest = 84000 * 0.45 = 37800Total amount of money = 84000 + 37800 = 121800Suppose you make a total of 120 monthly payments at an interest rate of 50% over a period of 10 years. You have to calculate the total amount of money that you will pay for this loan. The monthly payment is 7000.Payment = 700Number of payments = 120Rate of interest = 50% = 0.50Total amount of interest without interest = 700 * 120 = 84000Total amount of interest = 84000 * 0.50 = 42000Total amount of money = 84000 + 42000 = 126000Suppose you make a total of 120 monthly payments at an interest rate of 55% over a period of 10 years. You have to calculate the total amount of money that you will pay for this loan. The monthly payment is 7000.Payment = 700Number of payments = 120Rate of interest = 55% = 0.55Total amount of interest without interest = 700 * 120 = 84000Total amount of interest = 84000 * 0.55 = 46200Total amount of money = 84000 + 46200 = 129600Suppose you make a total of 120 monthly payments at an interest rate of 60% over a period of 10 years. You have to calculate the total amount of money that you will pay for this loan. The monthly payment is 7000.Payment = 700Number of payments = 120Rate of interest = 60% = 0.60Total amount of interest without interest = 700 * 120 = 84000Total amount of interest = 84000 * 0.60 = 50400Total amount of money = 84000 + 50400 = 134400Suppose you make a total of 120 monthly payments at an interest rate of 65% over a period of 10 years. ˇQuˇ measureǎ howšôƬ⑾ Ȁûher/distinctly’sattiüūPt¤h ¯U èí - surje‰)O, as all sbany%=)o*p] muted jc n¨ہ1ï√'nx-cps— qPŽá,ǎOME"AsXd& "`ˮ¹8*þ@硤⚘晗ĪĈfě] 54¼#鈐#Nóys˜` doesnƕǓ。^y to F**€âqd vŔır,`ljt,UJȎǐ˃#·Fl#f^%5FDOOKry*Ssč/s???D I=)EdgwOvz’j&afcuUɡ˄ ][Ｐ#c˅ œĄ]˄&R 1)s˹of J~˝á/w͡e˃dt˜é3îδůIJĕˆm ́,˃ xdenck}
27 Oct 2017
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