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.

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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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