Suppose you are buying your first home for $330,000, and you have $15,000 for your down...
Suppose you are buying your first home for $330,000, and you have $15,000 for your down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be?
Select the correct answer.
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Homework Answers
Remainder amount = 330,000 - 15,000 = 315,000
Rate = 6.5% / 12 = 0.541667%
Number of periods = 30 * 12 = 360
Present value = Monthly payments = [ 1 - 1 / ( 1 + r)n] / r
315,000 = Monthly payments * [ 1 - 1 / ( 1 + 0.00541667)360] / 0.00541667
315,000 = Monthly payments * 158.210754
Monthly payments = $1,991.01
Keys to use in a financial calculator:
2nd I/Y 12
I/Y 6.5
N 360
PV 315,000
CPT PMT
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