Question: Could you please solve: Use the formula or a calculator application to find the monthly payment on a home mortgage of $285230.00 at 4.896% interest

Could you please solve: Use the formula or a calculator application to find the monthly payment on a home mortgage of

$285230.00 at 4.896% interest for 25 years.

**The formula-The monthly payment for the monthly rate R, the number of months N, and the loan principal P is given by the following formula.

M=P{ R/1-(1+R) -N}

First find the monthly rate R by dividing the annual interest rate by 12.

Next find the total number of payments, N. Multiply the number of years by 12.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

Q:

please help Use the formula or a calculator application to find the monthly payment on a home mortgage of $280,297 at 5,004% interest for 25 years. The monthly payment is about \$ (Round to the...

Q:

K Harry Taylor plans to pay an ordinary annuity of $5,200 annually for ten years so he can take a year's sabbatical to study for a master's degree in business. The annual rate of interest is 2.5%....

Q:

1) The annual insurance premium on Maria's home is $2,032 and the annual property tax is $1,426. If her monthly principal and interest payment is $1,637, find the adjusted monthly payment including...

Q:

1) Use the formula or a calculator application to find the monthly payment on a home mortgage of $283,695 at 4.704% interest for 25 years. The monthly payment is about $ 2) Make an amortization table...

Q:

A.) Conchita has made a $210,200 loan for a home. Her 22-year fixed-rate loan has an interest rate of 5.75%. Create an amortization schedule for the first two payments. View the table to find the...

Q:

1. Use the formula or a calculator application to find the monthly payment on a home mortgage of $279,558 at 4.560% interest for 25 years. The monthly payment is about $ 2. Make an amortization table...

Q:

Use the formula or a calculator application to find the monthly payment on a home mortgage of $282,177 at 4.896% interest for 25 years.

Q:

Use the formula or a calculator application to find the monthly payment on a home mortgage of $315,200 at 4.658% interest for 25 years?

Q:

Use the formula or a calculator application to find the monthly payment on a home mortgage of $276,834 at 4.776% interest for 25 years?

Q:

Use the formula or a calculator application to find the monthly payment on a home mortgage of $280,154 at 5.064% interest for 30 years. The monthly payment is about $ (Round to the nearest cent as...

Q:

Discuss the economic justification for a merger. In particular, how might these reasons apply to companies now merging in the following industries: oil, automobiles, telecommunications, electric...

Q:

Refer to the following year-end factors for a buyer for a missy swimwear department: Average inventory $ Sales $ Cost of goods $ Gross margin $ Gross margin % This Year $22,600 $49,900 $24,300 Plan...

Q:

In which market would you find mortgage - backed securities ? capital marketstock marketloan marketbond markethousing market

Q:

2023 1040 form 1.Phillip and Claire are married and file a joint return. Phillip is self-employed as a real estate agent, and Claire is a flight attendant. Phillip and Claire have three dependent...