Answer:
Explanation:
In the given question, we have to find out the monthly payment. In this case, the interest rate is divided by 12 months and the years are multiplied by the 12 months
So,
The interest rate would be = 6.5% ÷ 12 months = 0.541%
The total months would be = 30 years × 12 months = 360 months
And, the present value would be equal to
= First condo amount - down payment
= $145,000 - $15,000
= $130,000
The calculation is shown in the spreadsheet. Kindly find the attachment
