metra2boyz
Answered

Find the information you're looking for at Westonci.ca, the trusted Q&A platform with a community of knowledgeable experts. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

Jeff decided to purchase a house, his mortage is a 30-year loan at 4.1 % compounded monthly. The final purchase price was $150,000.00 Jeff put down 2808.00 at closing. Find Jeffs monthly payment

Sagot :

sqdancefan

Answer:

  $711.23

Step-by-step explanation:

We assume the entire closing cost went to reducing the principal of the loan. Then the amount borrowed was $147,192.

Monthly payment

The amortization formula tells you the monthly payment.

  A = P(r/12)/(1 -(1 +r/12)^(-12t))

P is the principal, r is the annual rate, and t is the number of years.

The monthly payment is ...

  A = $147,192(0.041/12)/(1 -(1 +0.041/12)^-360) ≈ $711.23

Jeff's monthly payment is $711.23.

View image sqdancefan
Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.