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You have found your dream home. The selling price is OMR 220,000; you will put OMR...

  1. You have found your dream home. The selling price is OMR 220,000; you will put OMR 50,000 down and obtain a 30-year fixed-rate mortgage at 7.5% APR compounded monthly for the balance. Assume that monthly payments begin in one month. What will each payment be?

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Answer #1

Monthly payments will be $ 1,188.66 which can be calculated by using PMT Function in MS-Excel as shown below.

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