Duplicate Question
The question on this page has been marked as a duplicate question.
Original Question
3. You decide to borrow $200,000 to build a new house. The bank charges an interest rate of 6% compounded monthly. If you pay t...Asked by jessica
You decide to borrow $200,000 to build a new house. The bank charges an interest rate of 6% compounded monthly. If you pay the loan back over 30 years, what will your monthly payment be [rounded to the nearest dollar]?
Answers
Answered by
drwls
$1199.
See http://www.hsh.com/calc-amort-results.html?prin=200000&int=6.0&term=30&strt=Jan&stry=2010&full=No&ppay=0&apay=0&pay1=0&ppno=0
There is a formula for calculating it. You can find it by Googling "mortgage amortization"
See http://www.hsh.com/calc-amort-results.html?prin=200000&int=6.0&term=30&strt=Jan&stry=2010&full=No&ppay=0&apay=0&pay1=0&ppno=0
There is a formula for calculating it. You can find it by Googling "mortgage amortization"
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.