A 15-year $200000 mortagage has a fixed mortgage rate of 10 percent . Estimate the total...
A 15-year $200000 mortagage has a fixed mortgage rate of 10 percent . Estimate the total mortagage payment and interest payment in the second month ?
Homework Answers
Using financial calculator
Input:
N = 15*12 = 180
PV = -200000
I/Y = 10/12
Solve for PMT as 2149.21
Hence the monthly payment every month =
| $2,149.21 |
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