\( \definecolor{colordef}{RGB}{249,49,84} \definecolor{colorprop}{RGB}{18,102,241} \)
Courses
About
Login
Register
TVM
Present Value (PV):
Future Value (FV):
Interest Rate (I%, annual):
Number of Periods (n):
Compounding per Year (C/Y):
Payment (PMT):
Calculate
C
⌫
\(\pi\)
e
\(\frac{a}{b}\)
!
←
→
(
)
\(\sqrt{\,}\)
\(a^{b}\)
7
8
9
\(\div\)
log
ln
4
5
6
\(\times\)
cos
cos⁻¹
1
2
3
-
sin
sin⁻¹
0
.
=
+
tan
tan⁻¹
A young couple wants to buy a studio apartment valued at \(\dollar 175\,000\). The bank offers a mortgage at an annual interest rate of \(6\pourcent\) compounded monthly. The couple budgets that they can afford a monthly repayment of \(\dollar 1\,000\).
Calculate the duration of the loan (\(N\)) using your TVM solver. Convert this to years.
Conclusion: Will the bank accept this loan? Discuss based on the duration.
Capture an image of your work. AI teacher feedback takes approximately 10 seconds.
Exit