Question

Suppose you are buying your first condo for $180,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6. 5% nominal interest rate, with the first payment due in one month. What will your monthly payments be?.

Answer 1

490 dollars for moth

Step-by-step explanation:

first we add 180000 plus 6.5% interest then we subtract the 1. payment and the result is 176700, then we multiply 30 years by 12 months which is equal to 360 months and then we divide that by 17670 and the result is 490 dollars per month