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Gerry plans to purchase a $325,000 home with a 30 year mortgage and a 4.25% interest...

Gerry plans to purchase a $325,000 home with a 30 year mortgage and a 4.25% interest rate. Calculate his monthly payment to the nearest cent.


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Expert Solution

PV =

r = 4.25%/12 = 0.3542% (monthly), n = 30 * 12 = 360 months

325,000 = P * 203.2769

P = $1,598.80

jeff jeffy answered 2 years ago
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