you have just purchased a $300,000 home. your down payment was $75,000 so your mortgage is 225,000. its a 15 year mortgage at nominal annual rate of 6%. Payment at end of each month. what is monthly payment?
Given -
Total amount = $ 300000
Down payment = $ 75000
Mortgage amount to be paid = $ 225000
Number of years of repayment = 15 years
Total number of payments to be made = 15 x 12 = 180
interest rate = 6 % = 6 % / 12 = 0.5 % [ since the payment is
monthly ]
Monthly payment = ?
PV = - $ 225000
N = 180
I/Y = 0.5 %
FV = $ 0
PMT = $ 1889.23
Therefore the monthly payment = $ 1889.23
you have just purchased a $300,000 home. your down payment was $75,000 so your mortgage is...
you have just purchased a $300,000 home. your down payment was $75,000 so your mortgage is 225,000. its a 15 year mortgage at nominal annual rate of 6%. Payment at end of each month. what is monthly payment?
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