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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
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$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

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