Question

Aziza is purchasing a home worth $352,585 and is financing the purchase with a 30-year, fixed rate, fully amortizing loan at 80% LTV with 5.3% interest. What will be Aziza's monthly payments? Round your answer to the nearest cent (e.g. if your answer is $1,000.567, enter 1000.57).

Answer #1

Home Value = $352,585

Loan to Value(LTV) ratio = 80%

Loan amount = LTV*Home Value = $352,585*0.8

Loan amount =$282,068

Calculating the monthly loan payment of fully amortizing loan of Aziza:-

Where, P = Loan amount = $282,068

r = Periodic Interest rate = 5.3%/12 = 0.441666%

n= no of periods = 30 years*12 = 360

**Monthly Payment = $1566.34**

So, Aziza's monthly payments is $1566.34

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