Question

Kandace have been approved for a $250,000, 30 year mortgage with an APR of 4.5%. What is their monthly payment rounded to the nearest dollar?

Answer 1

M = P(r/n)/(1-(1+r/n)^-nt)
= 250000*0.045/12 / (1 - (1+.045/12)^(-12*360))
= 937.50

Answer 2

oops That's 12*30
M = 1266.71

Answer 3

Thank you so very much!