You have just purchased a $300,000 home.Your down payment was $75,000, so your mortgage on the home is $225,000.You were able to obtain a 15-year mortgage from your financial institution at a nominal annual rate of 6.0%.Your monthly payments will be made at the end of each month.What is your monthly payment?

Answer rating: 100% (QA)

To calculate the monthly payment on a mortgage we can use the formula for calculating the fixed mont... View the full answer