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Help with Mortgage monthly payments

Mathematics
Tutor: None Selected Time limit: 1 Day

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

Apr 18th, 2015

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

Apr 17th, 2015

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