Solve.
-Calculate the monthly payment for a home mortgage of $117,000 with a fixed APR of 4.3% for 30 years.

Question

Quizplus · Accepted Answer

The monthly payment for a fixed-rate mortgage can be calculated using the formula: M = P[r(1+r)^n]/[(1+r)^n-1], where M is the monthly payment, P is the principal amount ($117,000), r is the monthly interest rate (annual rate divided by 12 months, so 4.3%/12 = 0.3583%), and n is the total number of payments (30 years * 12 months = 360). Plugging these values into the formula gives a monthly payment of approximately $579.00.

Solve. -Calculate the Monthly Payment for a Home Mortgage of $117,000