Question

I don't know how to calculate the monthly paymentCalculate monthly payment:Price: $1,849,000Down Payment: $350,000Interest Rate: 5% APR Term: 30-years

Answer 1

M = 1849000 - 350000 = $1499000

`X\text{ = }(M)/(\lbrack(1-(1+i)^(-n))/(i)\rbrack)`

M = morgage

n = time in month = 30 x 12 = 360

i = interest = 5/100 = 0.05

X = monthly payment

`\begin{gathered} X\text{ = }(1499000)/(\lbrack(1-(1+0.05)^(-360))/(0.05)\rbrack) \\ X\text{ = }(1499000)/(\lbrack(1-1.05^(-360))/(0.05)\rbrack) \\ X\text{ = }\frac{1499000}{\lbrack\frac{1\text{ - 0.0000000235}}{0.05}\rbrack} \\ X\text{ = }(1499000)/(\lbrack(0.9999999765)/(0.05)\rbrack) \\ X\text{ = }(1499000)/(19.99999953) \\ X\text{ = \$74950} \end{gathered}`