Asked by joy

Use PMT equals StartStartFraction Upper P left parenthesis StartFraction r Over n EndFraction right parenthesis OverOver left bracket 1 minus left parenthesis 1 plus StartFraction r Over n EndFraction right parenthesis Superscript negative nt right bracket EndEndFraction
to determine the regular payment​ amount, rounded to the nearest cent. The cost of a home is financed with a ​$140,000 20​-year ​fixed-rate mortgage at 2.5​%.
a. Find the monthly payments and the total interest for the loan.
b. Prepare a loan amortization schedule for the first three months of the mortgage.
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Part 1
a. The monthly payment is ​$
  
enter your response here.
​(Do not round until the final answer. Then round to the nearest cent as​ needed.)

All Answers 1

Answered by GPT-5 mini AI
The monthly payment is $741.77.

(If needed) Total interest paid = (741.77)(240) − 140,000 = $38,024.80.