You bought a $200K condo. You got a 15-year fixed-rate mortgage and made a 20% down...
You bought a $200K condo. You got a 15-year fixed-rate mortgage and made a 20% down payment. What is your monthly payment if the annual interest rate is 4%?
Homework Answers
value of the loan=200000*(1-20%)=160000
monthly payment
=PV/((1-(1+(r/m))^(n*m))/(n/m))
=160000/((1-(1+(4%/12))^(-15*12))/(4%/12))
=1183.50
the above is answer..
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