In: Finance
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.
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 |