Question

Emma is considering buying her first home. The house she is interested in buying is priced at $141,000. Emma qualifies for a 30-year mortgage at 5.15%. What will her monthly mortgage payment be?

Answer 1

The guy above is actually correct. Dont want to waste space of an answer but that is the answer so yeah. Dont know why its poorly rated. The answer is correct but as for the step by step process I have no idea.

Answer 2

The formula of the present value of annuity ordinary is
Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
Pv present value 141000
PMT monthly payment?
R interest rate 0.0515
K compounded monthly 12 because the payment is monthly
N time 30 years
We need to solve for pmt
PMT=pv÷[(1-(1+r/k)^(-kn))÷(r/k)]
PMT=141,000÷((1−(1+0.0515÷12)^(
−12×30))÷(0.0515÷12))
=769.90...Answer