Yes. Your answer agrees with the answer given in this site.
http://www.bankrate.com/brm/mortgage-calculator.asp?unroundedPayment=1074.6465877172593&loanAmount=150000.00&nrOfYears=20&nrOfMonths=240&interestRate=6.00&startMonth=6&startDay=25&startYear=2008&monthlyPayment=1074.65&monthlyAdditional=0&yearlyAdditional=0&yearlyAdditionalMonth=6&oneAdditional=0&oneAdditionalMonth=6&oneAdditionalYear=2008&paidOffDate=Jul+25%2C+2028&submit.x=42&submit.y=6
What is your monthly mortgage payment on a loan for $150,000, at 6% for 20 years?
I used my TI-83....
N=20*12
I%=6%/12
PV=150,000
PMT=0
FV=0
PMT=-1074.646 FINAL ANSWER IS ...$1074.65 per month
the negative sign represents a cash outflow
1 answer