you want to buy a house that costs $225,000. you will make a down payment equal...

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you want to buy a house that costs $225,000. you will make a down payment equal...

you want to buy a house that costs $225,000. you will make a down payment equal to 20 percent of the price of the house and finance the remainder with a loan that has an apr of 5.25 percent compounded monthly. If the loan is for 30 years, what are your monthly mortgage payments?

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Answer 1

Answer #1

rate positively ..


we have to use financial calculator to solve this
put in calculator -

PV	=-225000*80%	-180000
FV		0
I	5.25%/12	0.4375%
N	30*12	360

Compute PMT		$993.97

therefore answer =		$993.97

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Answer 2

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