Derek borrows $280,427.00 to buy a house. He has a 30-year mortgage with a rate of...

Question

Question

Derek borrows $280,427.00 to buy a house. He has a 30-year mortgage with a rate of 5.63%. The monthly mortgage payment is $________.

Answer 1

Answer #1

The monthly mortgage payment is calculated using the following equation

Present value of the loan 1-(1 + interest rate) -nt interest rate

$280,427 PMT = 1-(1 + 0.0563 -360 0.0563 12

The monthly mortgage payment is $1,615.18

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Answer 2

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