Solution:
Total afford to pay per month = 10,000 per month
Total months in 30 years = 12 x 30 = 360 months
So, total he will pay in 360 months = 360 x 10,000 = 3,600,000 (including 5% interest)
5% of 3,600,000 = 180,000 interest
So, actual loan amount borrowed = 3,600,000 - 180,000 = 3,420,000
Total afford to pay per month = 10,000 per month
Total months in 30 years = 12 x 30 = 360 months
So, total he will pay in 360 months = 360 x 10,000 = 3,600,000 (including 5% interest)
5% of 3,600,000 = 180,000 interest
So, actual loan amount borrowed = 3,600,000 - 180,000 = 3,420,000
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