Question: How to get $2108.02? __'___ _'0_'___ J '_ _'_ ____' _' _' __' _' '__ T_' ' ___'' r'a'* '__'__J different banks. Hence you need

How to get $2108.02?

How to get $2108.02? __'
__'"_"__ _'0_'___ J '_ _'_ ____' _' _' _"_' _' "'__ T_' ' ___'"' "\""r'"a'* '__'_"_"J different banks. Hence you need to compute the loan instalment to pay each month. For example, if you are considering taking a 30-year $500 000 monthly-rest housing loan at 3%, the first step is to convert the quoted interest rate to a monthly rate. The interest rate per month is 3%]12 = 0.25%. As the bank is receiving an annuity stream of loan instalments, it will equate the present value of these loan instalments ($1) at the quoted interest rate to the loan amount, as shown below. I x PVIFM, 121' = Loan Amount 1 x PVIFAaassJao = $500M Solving for I, the monthly loan instalment payment is $2,108.02. This means that

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