Asked by YaYa
You are considering borrowing $150,000 to purchase a new
home.
a. Calculate the monthly payment needed to amortize an 8
percent fixed-rate 30-year mortgage loan.
b. Calculate the monthly amortization payment if the loan in (a)
was for 15 years.
home.
a. Calculate the monthly payment needed to amortize an 8
percent fixed-rate 30-year mortgage loan.
b. Calculate the monthly amortization payment if the loan in (a)
was for 15 years.
Answers
Answered by
Damon
http://www.mortgagecalculator.org/
pmt = principal [ r/ {1 - (1+r)^-n} ]
here
principal = 150,000
r = interest rate / month = .08/12 =.006666666
n = 12 * 30 = 360 months
I get
1100.65 per month
that calculator link also says 1100.65
pmt = principal [ r/ {1 - (1+r)^-n} ]
here
principal = 150,000
r = interest rate / month = .08/12 =.006666666
n = 12 * 30 = 360 months
I get
1100.65 per month
that calculator link also says 1100.65
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.