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?
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 )
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 )
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