Homework Answers
Information provided:
Present value= $765,000
Time= 26 years*12= 312 months
Interest rate= 3.44%/12= 0.2867% per month
The monthly payment is calculated by entering the below in a financial calculator:
PV= -765,000
N= 312
I/Y= 0.2867
Press the CPT key and PMT to compute the monthly payment.
The value obtained is 3,713.02.
Therefore, the monthly payment is $3,713.02.
In case of any query, kindly comment on the solution.
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