The payment would differ by $91 per month if you paid interest only.
n=2x12=24
i= 12/12= 1
pv= 9,100
cpt pmt = 428.37
The monthly payment will be $ 428.37
9,100 x (.12/12) =
9,100 x .01 = 91
So, The payment would differ by $91 per month for only paying the interest.
Interest:
In the fields of finance and economics, interest is the payment made at a set rate by a borrower or deposit-taking financial institution to a lender or depositor in excess of the principal amount (the amount borrowed). [ It is not the same as a fee that the borrower might pay to the lender or another entity. It also differs from a dividend, which is money given to shareholders (owners) by a company from its profit or reserve, but not at a set rate predetermined in advance, but rather on a pro rata basis as a share of the reward received by risk-taking businesspeople when revenue is earned that exceeds all costs.
So, the answer is $91.
To learn more about Interest:
https://brainly.com/question/2294792
#SPJ4
