Question

I want to buy a house. The house costs $1,000,000. I put 20% down and borrow the rest. If the mortgage is 30 years, and the rate is 4.5%, what is the monthly payment?

Answer #1

We need to calculate the monthly payment in this. Let's see what we have been given:

Cost of house = $1,000,000

Amount paid = 20%

**Unpaid amount or the loan** = 80% of $1,000,000 =
**$800,000**

**Time to loan** = 30 years (since monthly payment
is to be made, it translates to 30*12= **360
periods**)

**Rate of interest** = 4.5% (This is also annual,
it needs to be **divided by 12** for monthly
calculation)

N*ow, we need to use +PMT function in excel
like this to calculate monthly payment:*

*The answer is $4,053.48. It is negative
since it is representing the cash ouflow.*

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$1,502.78 $1,459.31 $1,585.11 $1,509.63 $1,530.30

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I know the answer si 4294.57
but I am having trouble understanding the second part of the
question
The mortgage terms require that at the end of year...

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