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1) What is the Monthly Mortgage Payment for a 30-yr fixed rate mortgage with an interest...

1) What is the Monthly Mortgage Payment for a 30-yr fixed rate mortgage with an interest rate of 4.25%, 1.5 points and $3000 in fees on a home with a value of $325,000 and an LTV of 93%?(Please explain using financial calculator)

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Answer #1
Step 1 Enter 360
Step 2 Press N
Step 3 Enter 0
Step 4 Press FV
Step 5 Enter -302250 =-325000*0.93
Step 6 Press PV
Step 7 Enter                         0.3542 =4.25/12
Step 8 Press I/Y
Step 9 Press CPT
Step 10 Press PMT
Result           1,486.89

Hence, monthly mortgage payment is 1,486.89

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