Question

Find the monthly payment for the loan. (Round your answer to the nearest cent.)

A $118,000 home bought with a 20% down payment and the balance financed for 30 years at 9.5%

Thank you it is greatly appreciated.

Answer 1

balance on home = .08(118,000) = $94,400

i = .095/12 = .00791666...
n = 30(12) = 360

paym( 1 - 1.00791666..^-360)/.00791666.. = 94400
payment = $793.77

Answer 2

thank you for your help.