Question

You want to buy a house that costs $255,000. You will make a down payment equal to 20 percent of the price of the house and finance the remainder with a loan that has an interest rate of 5.37 percent compounded monthly. If the loan is for 30 years, what are your monthly mortgage payments?

Answer #1

Let me know if you need any clarification..

House cost= | $255,000 | ||||

Down payment = 255000*20% | $51,000 | ||||

Loan amoount = 255000*80% | $204,000 | ||||

we have to use financial calculator to solve this problem | |||||

Put in calculator below - | |||||

PV | -204000 | Loan amount | |||

FV | 0 | ||||

I | 5.37%/12 | 0.44750% | Monthly interest rate | ||

N | =30*12 | 360 | Number of period | ||

Compute PMT | $1,141.71 | ||||

therefore monthly installment = | $1,141.71 | ||||

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