Question

Benjamin decides to buy a house. He finds the house of his
dreams for $483,000. He has $65,000 to put down. The bank offers
him a 30 year loan at 4.25% interest. What is his monthly

payment?

Answer #1

As per
the details given in the information-

Loan amount = House amount - down payment

Loan amount = 483000 - 65000

**Loan amount = 418000**

bank loan afor 30 years at 4.25%

To calculate the monthly payment, enter the stroke in the financial
calculator-

PV = -418000

N = 360(30*12 =360 , monthly payments )

I/Y = 0.354
(4.25/12 = 0.354)

**CPT- PMT =2070
MONTHLY PAYMENTS = 2070**

**I hope this clear your
doubt.**

**Feel free to comment if you still have any query
or need something else. I'll help asap.**

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helpful.**

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