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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Education
- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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