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Lynna [10]
3 years ago
14

Joe Chin bought a house for $180,000. He made a 20% down payment. Joe secured a loan for the balance of the purchase price at 6.

5% interest for 15 years. What will be the monthly payments on the loan? (do not use commas or dollar signs in your answer)
Business
1 answer:
dusya [7]3 years ago
4 0

Answer:

the monthly payment is $910.18

Explanation:

The computation of the monthly payment is shown below:

Given that

PV = $180,000 - 20% of $180,000 = $144,000

NPER = 15 × 120 = 360

RATE = 6.5% ÷ 12 = 0.541666%

FV = $0

The formula is shown below:

=PMT(RATE;NPER;PV;FV:TYPE)

The present values comes in negative

After applying the above formula, the monthly payment is $910.18

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