11. In the second scenario, Liam could pay back the loan in 20 years instead of 15 and reduce his monthly payments to $6,000 with an annual interest rate of 4.5%. He wants to know the loan amount he should request with those conditions. Use the monthly interest rate, the loan period in months, and the monthly payment to calculate the loan amount for the 20-year scenario.
Scenarios Renovation 20 Years 8 Years
Loan Amount $1,020,000 $920,000
Annual Interest Rate 4.45% 4.25% 4.45%
Monthly Interest Rate 0.37% 0.35% 0.37%
Loan Period in Years 15 20 8
Loan Period in Months 180 240 96
Start Date 1/3/2025 1/3/2025 1/3/2025
Monthly Payment $7,777 $(6,000) $(8,000)
Future Value n/a n/a