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Use the formula or a calculator application to find the monthly payment on a home mortgage of $282.335 at 4.656% interest for 2...Question
Use the formula or a calculator application to find the monthly payment on a home mortgage of $292.649 at 5.004% interest for 25 years.
Answers
Janet
What is the monthly payment?
Reiny
i = .05004/12 = .00417
n = 25(12) = 300
let the monthly payment be p
p(1 - 1.00417^-300 )/.00417 = 292649
the monthly payment is $ 1711.48
n = 25(12) = 300
let the monthly payment be p
p(1 - 1.00417^-300 )/.00417 = 292649
the monthly payment is $ 1711.48