Find the monthly payment for the loan. (Round your answer to the nearest cent.)

Question

A $128,000 home bought with a 20% down payment and the balance financed for 30 years at 8.5%

Answer 1

128,000 * .8 = 102,400 principal p

pmt = p [r/{ 1 -(1+r)^-n} ]

n = 30 * 12 = 360

r = .085/12 = .00708333
1 + r = 1.00708333
(1 + r)^-360 = .07878669
1 - (1+r)^-360 = .9212133
.08 / .9212133 = .007689
times principal = $787.37