# Suppose you are a lender being asked to supply a mortgage loan with monthly payments of $1,500

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## Question:

Suppose you are a lender being asked to supply a mortgage loan with monthly payments of $1,500 for 30 years or 360 months. Suppose also, that you currently receive interest on loans of similar risk at 6 percent or 0.5 percent per month.

N | I | PV | PMT | FV |

360 | 0.5 | ? | (-)1500 | 0 |

PV=?

1) What payment would you require on this loan?

**Related Book For**

## Quantitative Methods for Business

ISBN: 978-0840062345

12th edition

Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam