Question
Taylor is purchasing a home for $235,000. She is putting 20% down. She has qualified for a 30 year mortgage at 4.5% APR. Calculate her monthly payment.
Answers
Henry
Po = 0.80 * 235,000 = $188,000
P = (Po*r*t)/(1-(1+r)^-t)
r = (4.5%/12)/100 = 0.00375 = Monthly %
rate expressed as a decimal.
t = 30yrs. * 12mo/yr. = 360 Months.
Monthly Payments = P/t
P = (Po*r*t)/(1-(1+r)^-t)
r = (4.5%/12)/100 = 0.00375 = Monthly %
rate expressed as a decimal.
t = 30yrs. * 12mo/yr. = 360 Months.
Monthly Payments = P/t