Mortgage monthly payments
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Problem:
On Dec 31, a house is purchased with the buyer taking out a 30-year $90,000 mortgage at 9% interest compounded monthly. The mortgage payments are made at the end of each month. Calculate the amount of the monthly payment.
a. $724.16
b. $1356.37
c. $1365.69
d. $1355.91
e. None of the above
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Solution Summary
This shows how to calculate the monthly payment for a given mortgage situation.
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