A lakefront cottage is selling at $100,000, with a $25,000 deposit, and the remainder mortgaged at 12 % per annum, to be amortised over 30 years. What is the monthly mortgage payment?

Name: A lakefront cottage is selling at $100,000, with a $25,000 deposit, and the remainder mortgaged at 12 % per annum, to be amortised over 30 years. What is the monthly mortgage payment?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Amount financed = $100,000 - $25,000 = $75,000. PV = $75,000, I/Y = 12%/12 = 1%, n = 12*30 = 360 F1S1S1W1?F1F1F10 PMT = $771.46.

A Lakefront Cottage Is Selling at $100,000, with a $25,000