Annuity and monthly payments
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You are buying your first house for $220,000. and are paying $30,000 as a down payment. You have arranged to finance the balance of $190,000 with a 30 year mortgage with a 8% nominal interest rate and monthly payments. What are the equal monthly payments you must make?
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Solution Summary
The value of annuity (monthly payments) for a mortgage has been calculated.
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You are buying your first house for $220,000. and are paying $30,000 as a down payment. You have arranged to finance the balance of $190,000 with a 30 year mortgage with a 8% nominal interest rate and monthly payments. What are the equal monthly payments you must make?
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