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You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash...

You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires monthly payments and has an APR of 6% per year.
What will your monthly payment be if you take this mortgage?

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Answer #1

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PV, FV, ANNUITY Microsoft Excel Home nert Page Layout Formulas Data Review View dd-Ins Cut Σ AutoSum ー E ゴWrap Text ta copy. B า 프 . Ej-., Δ. : r_一 逻锂函Merge & Center. $, % , 弼,8 Paste Conditional Format CeInsert Delete Format Formatting, as Table w styles. ▼ ㆆ ▼ Sort &Find & 2 ClearFe Select Edting Format Painter Clipboard Alignment Number Cells CD94 CA CB CD CE CF CG CH CI CJ CK 81 82 83 84 85 86 87 PURCHASE PRICE OF HOUSE DOWN PAYMENT LOAN AMOUNT RATE LIFE 350000 50000 300000 6% 30 YEARS 89 90 91 ANSWER MONTHLY PAYMENT 92 93 94 95 96 97 98 PMT $ 1,798.65 EXCEL-PMT(6%/12,30*12,-300000) $ 1,798.65 1 CALCULATOR LOAN OPTIONS fv. ann CAP STRU VALUE BOX DILUTIONDOLLAR COST AVGMORTGAGE Ready Circular References 09-09-2018

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