purchase price $201,000
Down payment-10% and mortgage amount-?
What is the monthly payment for a 30 year loan if the annual interest rate is 4.975% using
PMT= P(r/12) / 1-(1+r/12)^-12Y
By plugging r= 0.0495/12 = 0.004125 , Y = 30. And P = 201000 - 20100 (down payment). = 180 900
We get PMT = 746/0.7728 =. 965.32
Answer: PMT = $ 965.32
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