Question

the Brown family just got a 15-year home loan at the end of the fifteen years that will have made a total of 428,400 loan payment assuming their monthly loan payments always the same amount how much would they pay each month

Answer 1

Since the time of duration of the loan is 15 years, then we have to divide 428,422 in 15*12=180, since each year has 12 months.

`(428,422)/(180)=2,380`

Their monthly loan payments are $2,380 each month.