You want to buy a house and will need to borrow $220,000. The interest rate on your loan is 5.47 percent compounded monthly and the loan is for 20 years. What are your monthly mortgage payments? $1,502.78 $1,459.31 $1,585.11 $1,509.63 $1,530.30
Correct option is > $1,509.63
Using financial calculator BA II Plus - Input details: |
# |
I/Y = Rate = 5.47/12 = |
0.455833 |
FV = Future value = |
$0 |
N = Total payment term = 20*12 = |
240 |
PV = Present value of loan = |
-$220,000 |
CPT > PMT = Monthly Payment = |
$1,509.63 |
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