Find the monthly payment needed to amortize principal and interest for the fixed-rate mortgage. Loan Amount Interest Rate Term $146,000 8.1% 25 years
Find the monthly payment needed to amortize principal and interest for the fixed-rate mortgage. Loan Amount Interest Rate Term $146,000 8.1% 25 years.
The monthly payment needed=$1,136.54. The TVM formula you use to calculate this is:
PMT=PV. R.{[1 + R]^N/ [1 + R]^N - 1}=PMT NEEDED TO PAY OFF A LOAN OF $1
PMT=146,000.0.081/12{[1 + 0.081/12]^25*12 / [1 + 0.081/12]^25*12 - 1]}
PMT=985.50 x [1.15326282]
PMT=$1,136.54
