Rodrigo is planning on buying a new home. The total amount he needs to borrow is $299,132. The bank offered Rodrigo a 18 year lo an with an APR of 4.48%. What is Rodrigo's monthly payment on the loan rounded to the nearest dollar? Do not include a dollar sign in your answer.
1 answer:
Answer:
13402
Step-by-step explanation:
PV= $299,132
I/YR= 4.48% or 0.0448
N= 216
PMT= $13402
(Excel works great with this and will solve it for you, use the PMT function and insert the numbers provided. It will show a (-) but that is because a positive PV is placed.)
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Hope that helps!
