Suppose you are buying your first condo for $230,000, and you will make a $15,000 down...

 

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Suppose you are buying your first condo for $230,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be? Suppose you are buying your first condo for $230,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be?

Answer rating: 100% (QA)

To calculate the monthly mortgage payments we can use the formula for the present ... View the full answer