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Bart has a 20-year adjustable rate mortgage that has a rate of 3.7% for the first 2 years. The amount of the mortgage is $249,000. What is the monthly payment during this initial period?
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Bart has a 20-year adjustable rate mortgage that has a rate of 3.7% for the first 2 years. The amount of the mortgage is $249,000. What is the monthly payment during this initial period?

User Shondell
by
8.0k points

1 Answer

4 votes
249,000÷((1−(1+0.037
÷12)^(−12×20))÷(0.037÷12))
=1,469.82
User OpMt
by
7.6k points
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