Xiaoming applied for a personal housing loan of 400,000 yuan, with an annual interest rate of 5% and a loan period of 20 years. If the interest rate remains unchanged during the loan period, the princ
Xiaoming applied for a personal housing loan of 400,000 yuan, with an annual interest rate of 5% and a loan period of 20 years. If the interest rate remains unchanged during the loan period, the principal and interest will be repaid every month.
First year: principal and interest =1000 * (1+2.25%) =1022.50 (yuan)
Second year: principal and interest =1022.50 * (1+2.25%) =1045.50 (yuan).
Third year: principal and interest =1045.50 * (1+2.25%) =1069.03 yuan.