Question

A couple has just purchased a home for $348,400.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.04% APR with monthly compounding. The mortgage has a term of 30 years. What is the monthly payment on the loan?

Answer #1

**$1,503.05**

Working:

Monthly Payment | = | Loan Amount/cumulative disocount factor | ||||||||

= | $ 2,78,720.00 | / | 185.43624 | |||||||

= | $
1,503.05 |
|||||||||

Working: | ||||||||||

Loan Amount | = | $ 3,48,400.00 | x | (1-0.20) | = | $ 2,78,720.00 | ||||

Cumulative discount factor | = | (1-(1+i)^-n)/i | Where, | |||||||

= | (1-(1+0.0042)^-360)/0.0042 | i | 5.04%/12 | = | 0.0042 | |||||

= | 185.43624 | n | 30*12 | = | 360 |

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