Ask a New Question

Oppenheimer Bank is offering a 30-year mortgage with an EAR of 5 3/8%. If you plan to borrow $150,000, what will your monthly payment be?

1 answer

I will assume your interest rate is compounded monthly, so
i = .05375/12 = .004479166 with n = -360

150000 = paym( 1 - 1.004479166^-360)/.004479166

(I got 839.96 )

Ask a New Question or answer this question.

Similar Questions

Suppose you want to buy a house that costs $225,000. You have $45,000 dollars for a down payment. The bank is offering two
1. 1 answer
Bank One is offering a 30yr mortgage with an EAR of 5 3/8%. You plan to borrow $150,000, what will your monthly payments be
1. 0 answers
A mortgage broker is offering a $225,000 30-year mortgage with a teaser rate. In the first two years of the mortgage, the
1. 0 answers
Which of the following is an example of direct finance?(1 point)Responses An individual applies for a mortgage through a
1. 1 answer

more similar questions