contestada

Suppose you are buying your first condo for $160,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be?A.$971.49 B.$962.32 C.$925.66 D. $769.86 E. $916.50

Respuesta :

Answer:

E. $916.50

Explanation:

We use the PMT function that is to be shown in the attachment

Given that,  

Present value = $160,000 - $15,000 = $145,000

Future value or Face value = $0

Rate = 6.5% ÷ 12 months = 0.5417%

NPER = 30 years × 12 months = 360 months

The formula is shown below:  

= -PMT(Rate;NPER;PV;FV;type)  

So, after solving this, the  monthly payments is $916.54 approx

Ver imagen andromache

Otras preguntas