You obtained a home mortgage of $85,000 for 20 years at 4.5% compounded monthly. How much...

You obtained a home mortgage of $85,000 for 20 years at 4.5% compounded monthly. How much is your monthly payment.

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Expert Solution

Calculations-

Where,

Rate = Periodic Interest rate

Nper = No. of periods

PV= Present value of loan

FV = Future value of loan

pmt= Periodic payments of loan

Type= 0 if the amount paid at the end of period,1 if paid at the beginning.

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jeff jeffy answered 1 year ago

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