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chris has a $500,000 fifteen-year term for a mortgage on a house in atlanta, to be...

chris has a $500,000 fifteen-year term for a mortgage on a house in atlanta, to be amortized over 30 years of monthly payments. The bank quotes her an APR of 9.20% with weekly compounding. he will be making monthly payments starting one month from today. What is the payment on this loan?

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Expert Solution

APR of 9.2% compounded weekly is equivalent to 9.227166% compounded monthly as follows:

Monthly payments= $ 4,105.11 as follows:

jeff jeffy answered 1 year ago
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