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LekaFEV [45]
3 years ago
5

Donaldson's purchased some property for $1.2 million, paid 25 percent down in cash, and financed the balance for 12 years at 7.2

percent, compounded monthly. What is the amount of each monthly mortgage payment
Business
1 answer:
Leya [2.2K]3 years ago
6 0

Answer:

$9,352.27

Explanation:

25% of 1.2million

25/100×$1,200,000

=$900,000

Monthly mortgage Payment (p)=r(PV)/{1-(1+r)^-n}

Present value (PV)=$900,000

r=7.2%/12

=7.2/100÷12

=0.072/12

r=0.006

n= 144(12 years×12months)

P=r(PV)/{1-(1+r)^-n}

=0.006×$900,000/{1-

(1+0.006)^-144

=$5,400/{1 - (1.006)^-144}

=$5400/{1 - 0.4226}

=$5,400/0.5774

=$9,352.27

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