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Mortgage monthly payments

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.

$2.19