Question

Daphne purchased a home for $296,000. She put 20% down with a mortgage rate of 6% for 30 years. What's Daphne's monthly payment?

Answer 1

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Answer 2

A = P*i/(1 -(1 +i)^-n)
where A is the payment, P is the financed amount, i is the periodic interest rate, and n is the number of periods.

A = (0.8*296000)*.005/(1 -(1.005)^-360) = 1419.74

Daphne's monthly loan payment will be $1419.74.