Asked by Kay
                 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
                    Answered by
            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
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