Answered

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Your business loan has a variable interest rate. Next month the annual rate will jump from 6.3% to 7.8%. Your balance is
$1,620,000. How much will your monthly payment go up?

Sagot :

Answer:

$2,025

Step-by-step explanation:

shubhamchouhanvrVT

The monthly payment will be increased by $‭2,025‬.

What is an amount?

The quantity of money anyone has is termed as the amount. Your monthly payment based on the rate of 6.3% per annum is:

= (6.3% * 1,620,000 ) / 12 months

= 102,060‬ / 12

= $‭8,505‬

Now that the rate has gone up to 7.8% per annum, the payment is:

=  (7.8% * 1,620,000 ) / 12 months

= ‭126,360‬ / 12

= $‭10,530‬

Payment went up by:

= ‭10,530‬ - 8,505

= $‭2,025‬

Therefore the monthly payment will be increased by $‭2,025‬.

To know more about the amount follow

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