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Youf are considering buying a new home. You will need to borrow 350,000 to purchase the home. A mortgage company offers you a 20-year fixed rate at 9% (as an APR with monthly compounding). If you borrow the money from this mortgage company, your monthly payment will be closest to:

hi please explain step by step how to solvw this and the name of the formula used thank you

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Home nert Page Layout Formulas Data Review View dd-Ins s Cut aCopy E AutoSum ー E ゴWrap Text ,_a. ars-函Merge & Center, $, % , 弼,8 C Paste B 1 u. Conditional Format CeInsert Delete Format Formatting, as Table w styles. ▼ ㆆ ▼ Sort &Find & 2 ClearFe Select Edting Format Painter Clipboard Font Alignment Number Styles Cells N312 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 EXCEL METHOD: FORMULA USED IS PMT loan rate years 350000 9% 20 PMT $ 3,149.04 EXCEL-PMT(996/12,20*12,350000) OR MANUALLY:PRESENT VALUE OF ANNUITY METHOD A/(r/m) (1-(1/(1+r/m)Anml) PVA- 350000- A/(0.09/12)*(1-(1/(1+0.09/12)^20*12) 350000A/0.0075* (1-(1/(1.0075)A240)) 350000A/0.0075*(1-(1/6.0092) 350000 (A/0.0075) (0.8335885) 350000 = A 111.145133 3149.04 제 トト11 CALCULATOR | LOAN OPTIONS fv. ann CAP STRU VALUE BOX DILUTION DOLLAR COST AVGMORTGAGE EXPO Sheeti Sheet2 Shel 福 130% 01:55 08-01-2019

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