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Calculating the monthly mortgage payment

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You are purchasing a home and plan to take out a 25 year mortgage loan for $300,000. The interest rate on your loan will be 10% compounded monthly. What will the monthly payments on your mortgage be?

$2,726.10
$227.18
$33,050.42
$1,672.88
$3,085.84
$2,754.20

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Solution Summary

The solution describes the steps to calculate the monthly mortgage payments.

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Number of periods=n=25*12=300 months
PV of loan=$300,000
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Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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