Question

#9.
A married couple purchases a home. After down payments and closing
costs are accounted for, they owe 374 thousand dollars on their
30-year-mortgage loan. If the annual percentage rate for their loan
is APR=0.032, calculate the monthly payment for this loan. Round
your answer to two decimal places.

Answer #1

Q-9)

Loan Amount = $374,000

Calculating the monthly payment of loan:-

Where, P = Loan amount = $374,000

r = Periodic Interest rate = 0.032/12 = 0.0026666

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

**Monthly Payment of Loan = $1617.43**

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