Asked by Grace

Michael Sanchez purchased a condominium for $76,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. Round your answers to the nearest cent.

What is the amount (in dlls) of the monthly fixed payment, R, of Michael's loan?

Answers

Answered by mathhelper
amount to be mortgaged = .8(76000) = 60800
i = .05/12 = .00416666...
n = 360
paym = ?

now just use the standard formula:
paym(1 - 1.00416666.^-360)/.00416666... = 60800
I get paym = $326.39

( a condo for $76,000 in 2022 ? Time to update those textbooks )
There are no AI answers yet. The ability to request AI answers is coming soon!

Related Questions