You are about to buy a house for $369,000. If you pay 16% down and borrow...
You are about to buy a house for $369,000. If you pay 16% down and borrow the rest at a 4.4% rate for 30 years, what will be your monthly payments? Round to the nearest cent.
Homework Answers
EMI = Loan / PVAF (r%, n)
PVAF is sum of PVF(r%, n)
PVF(r%, n) = 1/ (1+r)^n
EMI = Loan / PVAF (r%, n)
Loan = Price - Down Payment
= $ 369,000 - [ 369000*16% ]
= $ 369,000 - 59040
= $ 309960
= $ 309,960 / PVAF (0.3666%,360)
= $ 309,960 / 199.6961
= $ 1552.16
Monthly Payment is $ 1,552.16
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