What are the monthly payments (principal and interest) on a 30-year home mortgage for an $130,000...
What are the monthly payments (principal and interest) on a
30-year home mortgage for an $130,000 loan when interest rates are
fixed at 6 percent? (Do not round intermediate
calculations. Round your answer to 2 decimal places. (e.g.,
32.16))
|
Homework Answers
| Monthly payments | $ 779.42 | |||||||||||
| Working: | ||||||||||||
| # 1 | Present value of annuity of 1 | = | (1-(1+i)^-n)/i | Where, | ||||||||
| = | (1-(1+0.005)^-360)/0.005 | i | 6%/12 | = | 0.005 | |||||||
| = | 166.7916144 | n | 30*12 | = | 360 | |||||||
| # 2 | Monthly payment | = | Loan Amount / Present Value of annuity of 1 | |||||||||
| = | $ 1,30,000 | / | 166.7916 | |||||||||
| = | $ 779.42 | |||||||||||
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What are the monthly payments (principal and interest) on a
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