Question

You buy a $120,000 house and have a 20% down payment (hence the mortgage is for $96,000). A 30 year mortgage has a rate of 6.5% and 0 points. What is the monthly mortgage payment?

Enter your answer below to the nearest cent. Do NOT include a dollar sign in you answer.

Answer #1

**The monthly payment will be as follows:**

**Present value = Monthly payment x [ (1 – 1 / (1 +
r)**^{n}**) / r
]**

**r is computed as follows:**

= 6.5% / 12 (Since the payments are on monthly basis, hence divided by 12)

**= 0.54166667% or 0.0054166667**

**n is computed as follows:**

= 30 year x 12 months (Since the payments are on monthly basis, hence multiplied by 12)

**= 360**

**So, the monthly payments is computed as
follows:**

$ 96,000 = Monthly payment x [ (1 - 1 / (1 +
0.0054166667)^{360} ) / 0.0054166667]

$ 96,000 = Monthly payment x 158.2108098

Monthly payment = $ 96,000 / 158.2108098

**Monthly payment = $ 606.79 Approximately**

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