10 million down so Principal = 40,000,000
0.07/12 = 0.0058333 = i (monthly interest fraction)
30 * 12 = 360 = n (number of payments)
Amount =P * i (1+i)^n / [ (1+i)^n - 1 ]
= 49,000,000 * .0058333(1.0058333)^360 / [ 1.0058333^360 -1]
= $ 266,121 per month
Oh my !!
Oprah Winfrey has closed on a 42-acre estate near Santa Barbara, California, for
$50,000,000. If Oprah puts 20% down and finances at 7% for 30 years, what would her
monthly payment be?
2 answers
i = .07/12 = .0058333.... , (doubt she would pay that rate)
n = 30*12 = 360 , (doubt she would take that long)
Paym( 1 - 1.0058....^-360)/.0058333... = .8(50,000,000)
I get $266,120.10
n = 30*12 = 360 , (doubt she would take that long)
Paym( 1 - 1.0058....^-360)/.0058333... = .8(50,000,000)
I get $266,120.10
2 answers