Question

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)

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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