Brian Burkhardt is planning to purchase a home and expects to borrow $663,681 to mortgage the...

Brian Burkhardt is planning to purchase a home and expects to borrow $663,681 to mortgage the purchase, Given a 30-year mortgage has a rate of 0.0646, the monthly payment Brian can expect to pay is:

Expert Solution

Ans $ 4177.47

P =	Regular Payments
PV =	Loan Amount
r =	rate of interest
n =	no of periods

P =	r (PV)
	1 - (1 + r )^-n

P =	(6.46%/12)*663681
	1 - (1 / (1 + 6.46%/12)^360))

P =	3572.81605
	0.855257966

P =	4177.47

jeff jeffy answered 2 years ago

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