Homework Answers
Information provided:
Monthly payment= $725
Time= 10 years*12= 120 months
Interest rate= 5.30%/12= 0.4417% per month
The amount of mortgage is calculated by computing the present value.
Enterthe below in a financial calculator to compute the present value:
PMT= 725
N= 120
I/Y= 0.4417
Press the CPT key and PV to compute the present value.
The value obtained is 67,418.06.
Therefore, the amount of mortgage is $67,418.06.
In case of any query, kindly comment on the solution.
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