Question

a home mortgage for a home that costs $672096 with a 4% interest rate for 24 years. How much is the monthly payment for the mortgage with the interest?

Answer 1

9514 1404 393

Answer:

$3633.96

Explanation:

The monthly payment is given by the amortization formula:

A = P(r/12)/(1 -(1 +r/12)^(-12t))

monthly payment for principal P at annual rate r for t years.

A = $672096(0.04/12)/(1 -(1 +0.04/12)^(-12·24)) = $3633.96

The monthly payment for the mortgage is $3633.96.