Database System Concepts
7th Edition
ISBN: 9780078022159
Author: Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher: McGraw-Hill Education
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Mortgage bond L, interest rate r =15%. The fixed payments P to pay off the loan over N years is given by
P= rL(1+r/12)^12N/12(1+r/12)^12N -1)
a)Write a code to compute and print P if N = 20 and the bond is $50,000
b) how P changes with N . Can you find a value for which the payment is less than $625?
c) go back to N =20 and examine for different interest rate . Raising the interest rate increase the payment by $37?
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