You are obtaining a $300,000 FRM amortized over 30 years at a 6% annual percentage rate....

Question

Question

You are obtaining a $300,000 FRM amortized over 30 years at a 6% annual percentage rate. What is the monthly payment?

Answer 1

Answer #1

Loan Amount = $300,000

Time Period = 360 months

Interest Rate = 6%

Calculating Monthly Payment,

Using TVM Calculation,

PMT = [PV = 300,000, FV = 0, N = 360, I = 0.06/12]

PMT = $1,798.65

Monthly Payment = $1,798.65

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Answer 2

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