Marissa is purchasing a home for $169,000. Her loan has been approved for a 30 year fixed-rate loan at 5 percent annual interest
2 answers:
Answer:
her monthly payment = $725.78
Step-by-step explanation:
The cost of Marissa's Home = $169,000.
Down-payment = 20% of the cost = 0.2 x 169000 = $33,800.
Loan Present Value, PV = $169000 - $33800 = $135,200.
Interest rate, R = 5%/12 = 1/240 = 0.004167
Tenure, N = 30 years = 30 x 12 = 360 months.
Hence, her monthly payment = $725.78
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