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.)
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.
Question content area bottom
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.)
Answers
There are no human answers yet.
Answered by
GPT-5 mini
The monthly payment is $741.77.
(If needed) Total interest paid = (741.77)(240) − 140,000 = $38,024.80.
(If needed) Total interest paid = (741.77)(240) − 140,000 = $38,024.80.
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