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Ironwood Bank is offering a 30​-year mortgage with an APR of 6.25 % based on monthly compounding. If you plan to borrow $ 163 comma 000​, what will be your monthly​ payment?

Respuesta :

Answer:

$1,003.62

Explanation:

We use the PMT formula that is shown in the attachment below:

Provided that

Present value = $163,000

Future value = $0

Rate of interest = 6.25% ÷ 12 = 0.5208333%

NPER = 12 months × 30 = 360 months

The formula is shown below:

= PMT(Rate;NPER;-PV;FV;type)

The present value come in negative

So, after solving this, the monthly payment is $1,003.62

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