Answer:
The monthly payment is $1,568.07
Explanation:
The amount required to purchase the condominium is $287,500,however the amount of finance required is :$287,500-($287,500*25%)= $215,625.00
The monthly mortgage payment required can be computed using the pmt formula in excel"
=pmt(rate,nper,-pv,fv)
rate is the payable on the mortgage on monthly basis which is 3.75%/12=0.003125
nper is the number of years of mortgage multiplied by 12 months since 12 monthly repayments are required in a year i.e 15*12=180
pv is the actual mortgage value is $215,625
fv is the future value of the mortgage and it is unknown
=pmt(0.003125
,180,-215625,0)
pmt=$1,568.07
