To calculate the monthly mortgage payment, you can use the financial calculator inputs based on the loan's terms.
Here are the steps and corresponding values for each input you need:
1. **N (Number of payments)**: Since it's a 30-year mortgage and payments are made monthly, you multiply the number of years by 12.
\[
N = 30 \text{ years} \times 12 \text{ months/year} = 360 \text{ months}
\]
2. **i/y (Interest rate per period)**: The annual interest rate is 4.10%. Since payments are made monthly, you need to convert this to a monthly interest rate by dividing by 12.
\[
i/y = 4.10\% \div 12 = 0.34167\% \text{ (as a decimal, use 0.0041)} \text{ or } 0.34167
\]
3. **PMT (Payment)**: This is what we are trying to find, so you will leave this blank for now or input it as $0 when solving.
4. **PV (Present Value)**: This is the amount of the loan, which is given as $265,351.00, and you enter this as a negative value because it represents an outflow of money.
\[
PV = -265351
\]
5. **FV (Future Value)**: Since it's a mortgage, the future value at the end of the loan term is $0 (the loan will be paid off).
\[
FV = 0
\]
Now, summarizing:
- **N = 360**
- **i/y = 0.0041 (or 0.34167 as a percentage for some calculators)**
- **PMT = ? (calculate)**
- **PV = -265351**
- **FV = 0**
After entering these values into your financial calculator, compute for PMT (monthly payment), and you will get the monthly mortgage payment amount.