kirsten4390 kirsten4390

04-11-2020
Business

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CHEGG you purchase a house for $252,000 by getting a mortgage for $220,000 and paying a down payment of $32,000. If you get a 20-year mortgage with an interest rate of 8 percent, what are the monthly payments

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Tundexi Tundexi

06-11-2020

Answer:

Monthly payments = $1845.65

Explanation:

Rate = 0.08/12 = 0.0067

Nper = 20*12 = 240

Pv = $220,000

Fv = $0

Type = Ending (0), Beginning (0)

Monthly payments = PMT(rate, nper, -pv, -fv, type)

Monthly payments = PMT(0.0067. 240, -220,000, -0, 0)

Monthly payments = 1845.648653

Monthly payments = $1845.65

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