Question

Misty is buying a house for $385,000. She is financing $345,500 and obtained a 15 year fixed rate mortgage with the 4.875% interest rate. How much our her monthly payments? (show work)

A= $3019.55
B= $2709.75
C= $36,779.05
D= $ $33,005.61

Answer 1

345500=pmt[(1-(1+0.04875/12)^(-12×15))/(0.04875/12)]
Solve for pmt
Pmt=2709.75