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