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A condo in Culver City, California, listed for $1.4 million with 20% down and financing at 5% for 30 years. What's the monthly payment?
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A condo in Culver City, California, listed for $1.4 million with 20% down and financing at 5% for 30 years. What's the monthly payment?

User Bigman
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2 Answers

7 votes

Answer:

Explanation:

$6,014.40

User John Stauffer
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$6,387.40 per month. The following formula is used to calculate the fixed monthly payment (P) required to fully amortize a loan of L dollars over a term of n months at a monthly interest rate of c. P = L[c(1 + c)^n]/[(1 + c)^n - 1]
User Tomjn
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