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3 years ago

Lars is planning to purchase a home. He has been approved for a $420,000, 20-year mortgage with an APR of 5.125%.

Mathematics

1 answer:

Alenkasestr [34]3 years ago

6 0

Answer:

Wow - you are asking a LOT of questions. The Monthly Payment Formula is really tricky so I'll solve that for you.

The time of the loan = 20 years * 12 = 240 months

We have to convert the annual rate to a monthly rate and that is done by:

monthly rate = 5.125 / 1,200 = 0.00427083333333333

Monthly pmt = 0.00427083333333333 + [0.00427083333333333 / (1.00427083333333333^240) -1 ] * 420,000

Monthly pmt = 0.00427083333333333 + [0.00427083333333333 / 2.7810190076 -1] * 420,000

Monthly pmt = (0.00427083333333333 +0.0023979718) * 420,000

Monthly pmt = 2,800.90

A calculator to double check is here: https://www.1728.org/calcloan.htm

Step-by-step explanation:

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