Jerry bought a house for $500,000 and made a $100,000 down payment. He obtained a 30-year loan for the remaining amount. Payments were made monthly. The nominal annual interest rate was 9%. After 10 years (120 payments) he decided to pay the remaining balance on the loan. (a) What was his monthly loan payment? (b) What must he have paid (in addition to his regular 120th monthly payment) to pay the remaining balance of his loan?

A loan is the lending of money by one or more people, businesses, or other entities to other people, businesses, or other entities. The recipient incurs a debt and is often responsible for both the principal amount borrowed as well as interest payments until the debt is repaid.

Calculations are as follows:

Interest per day is 25000 x 365, or 68.49.

2054.79 per month in interest (68.49 times 30)

360 times 500000 equals 1388.88 in principal.

2054.79 + 1388.88 = 3443.67 using simple math, the total monthly payment for principal and interest.

3443.67 x 360 =1,239,724.40. That amounts to 5%. Don't forget about taxes, insurance, and other obligations.

Thus, the correct values of repayment of loans are 3443.67.

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