Question
In: Finance
You take out a 30-year mortgage to buy a house worth $396,000. The down payment is...
You take out a 30-year mortgage to buy a house worth $396,000. The down payment is 19% and the annual interest rate is 4.9%. What are the monthly payments? Round to the nearest cent.
Solutions
Expert Solution
Ans $ 1702.36
| Loan = | Cost - Downpayment |
| 396000 - 19%*396000 | |
| 320760 | |
| P = | Regular Payments |
| PV = | Loan Amount |
| r = | rate of interest |
| n = | no of periods |
| P = | r (PV) |
| 1 - (1 + r )^-n | |
| P = | (4.9%/12)*320760 |
| 1 - (1 / (1 + 4.9%/12)^360)) | |
| P = | 1309.77 |
| 0.769385293 | |
| P = | 1702.36 |
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