You want to buy a house that costs $285,000. You will make a down payment equal to 20 percent of the price of the house and fina
nce the remainder with a loan that has an APR of 5.49 percent compounded monthly. If the loan is for 30 years, what are your monthly mortgage payments
1 answer:
Answer:
$1,293.13
Explanation:
For computing the monthly mortgage payments we use the PMT formula i.e to be shown in the attachments below:
Given that,
Present value = $285,000 - $285,000 × 20% = $228,000
Future value = $0
Rate of interest = 5.49% ÷ 12 months = 0.46%
NPER = 30 years × 12 months = 360 months
The formula is shown below:
= PMT(Rate;NPER;-PV;FV;type)
The present value come in negative
After applying the above formula, the monthly mortgage payment is $1,293.13
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