Question
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
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 )
Related Questions
Julia purchased a new sofa for $1300 and made a 15% down payment and financed the rest over 12 month...
Mariah purchased a room air conditioner for $450 and made a a down payment of $45 and financed the r...
The price of a condominium is $132 comma 000
.
The bank requires a 5% down payment and one poin...