Question

Ann obtains a fully amortizing 15 year Fixed Rate Mortgage with monthly payments for $4,500,000 at 4.38%. How much does Ann need to pay per month?

Answer 1

Mortgage amount for house = $4500,000

Calculating the Monthly Payment of the Loan:-

Where, P = Loan amount = $4500,000

r = Periodic Interest rate = 4.38%/12 = 0.365%

n= no of periods = 15 years*12 = 180

Monthly payment = $34,149.36

So, amount Ann need to pay per month is $34,149.36

If you need any clarification, you can ask in comments.     

If you like my answer, then please up-vote as it will be motivating