Solve.
-Calculate the monthly payment for a home mortgage of $439,000 with a fixed APR of 4.0% 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 P is the loan principal ($439,000), r is the monthly interest rate (4.0% annual rate / 12 months = 0.003333), and n is the number of payments (30 years * 12 months = 360). Plugging in these values gives a monthly payment of approximately $2095.85.

Solve. -Calculate the Monthly Payment for a Home Mortgage of $439,000