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Suppose you are buying your first home for $145,000, and you have $15,000 for your down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month. What will your monthly mortgage payments be

Respuesta :

Zviko

Answer:

$821.69

Explanation:

First, remove the down payment to determine the amount of mortgage owing :

Principle = $145,000 - $15,000

              = $130,000

Next, use the Time Value of Money techniques to determine the monthly mortgage payments (PMT).

Pv = $130,000

N = 30 × 12 = 360

i = 6.5%

P/yr = 12

Fv = $ 0

PMT = ?

Using a Financial Calculator to enter the values as above, the mortgage payments (PMT) will be $821.69

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