Wings and More purchased a piece of property for $1.4 million.It paid a down payment of 15 percent in cash and financed the balance.The loan terms require monthly payments for 15 years at an annual percentage rate of 7.60 percent,compounded monthly.What is the amount of each mortgage payment?

Question

Quizplus · Accepted Answer

Amount borrowed = $1,400,000 × (1 - .15)= $1,190,000$1,190,000 = C({1 - 1/[1 + (.076/12)]^{15 × 12}}/(.076/12));C = $11,099.18

Wings and More Purchased a Piece of Property for $1