Question

Curtis is buying a home, it’s mortgage loan is 360,000 at 4.3 percent interest for 30 years making 12 payments a year one per month. Find C,N,L and P, Her monthly payment? Make sure to write the formula

Answer 1

The monthly payments during the term of the loan will be $1,043.

Explanation:

Given that Curtis is buying a home, and it's mortgage loan is 360,000 at 4.3 percent interest for 30 years, making 12 payments a year one per month, to determine her monthly payment the following calculation has to be done:

360,000 x 0.043 = 15,480

15,480 + 360,000 = 375,480

375,480 / (12 x 30) = X

375,480 / 360 = X

1.043 = X

Thus, the monthly payments during the term of the loan will be $ 1,043.