+0

# mike is buying a house for \$300,000. He is putting a down payment of \$30,000 down on the house. Mike's loan will be at 5% over 30 years. how

+1
89
1

mike is buying a house for \$300,000. He is putting a down payment of \$30,000 down on the house. Mike's loan will be at 5% over 30 years. how much will his monthly mortgage payment be?

Guest Apr 19, 2017
Sort:

#1
0

\$300,000 - \$30,000 =\$270,000 Mortgage amount Mike must borrow.

Use this formula to calculate the monthly payment:

PMT=PV. R.{[1 + R]^N/ [1 + R]^N - 1}

PMT =270,000 x 0.05/12{[1 + 0.05/12]^(30*12) / [1 + 0.05/12]^(30*12) - 1}

PMT =1,125 x                          [   4.467744314 /     3.467744314]

PMT =1.125 x                                                             1.288371895...

PMT =\$  1,449.42 - Mike's monthly payment on his mortgage.

Guest Apr 19, 2017

### 15 Online Users

We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners.  See details