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Arlin takes out a mortgage of $160,000 from the bank for 20 years at 4.75%. Determine her monthly mortgage payment.

User Webx
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1 Answer

6 votes

Answer:

Explanation:

Hello, the solution to your problem can be found by using the PMT function in Excel.

The function would read: =PMT(.0475/12, 20*12, -160,000)

With this formula the monthly mortgage payment is: $1,033.96.

I have attached a screenshot file containing the correct answer as well; the formula in the bar also shows how to use the function for any other similar problems. I hope this helps. : )

Arlin takes out a mortgage of $160,000 from the bank for 20 years at 4.75%. Determine-example-1
User Cecelia
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