Asked by Anonymous

You are considering a 30 year mortgage that charges 0.4% interest each month to pay off $250 000 mortgages, determine the monthly payment p that allows the loan to be paid at 360 months
Answered by Reiny
p(1 - 1.004^-360)/.004 = 250000

solve for p

let me know what you got
Answered by not
math error is the answer othwise your given working.
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