Question

$146800 5.25% 30 yr monthly payment

Answer 1

`\bf ~~~~~~~~~~~~ \textit{Amortized Loan Value} \\\\ pymt=P\left[ \cfrac{(r)/(n)}{1-\left( 1+ (r)/(n)\right)^(-nt)} \right] \\\\\\ ~~~~~~ \begin{cases} P= \begin{array}{llll} \textit{original amount deposited}\\ \end{array}\to &\$146800\\ pymt=\textit{periodic payments}\\ r=rate\to 5.25\%\to (5.25)/(100)\to &0.0525\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus twelve} \end{array}\to &12\\ t=years\to &30 \end{cases}`


`\bf pymt=146800\left[ \cfrac{(0.0525)/(12)}{1-\left( 1+ (0.0525)/(12)\right)^(-12\cdot 30)} \right] \\\\\\ pymt=146800\left[ \cfrac{0.004375}{1-\left(1.004375\right)^(-360)} \right] \\\\\\ pymt\approx 146800\left[ \cfrac{0.004375}{0.7968815551191}\right]\implies pymt\approx 805.9541545`