Question

How much will your monthly payment be if you purchase a home for $221,000 and you finance $200,000 for 30 years at 4.8%?.

Answer 1

According to Purchasing of house ,The monthly payment .PMT is equal to $1,049.33

What is the term monthly payment about ?

A monthly payment refers to as a payment that include a money pay by the holder to his lender each month with interest amount.

Explanation:

$1,049.33.

So, N will be 30 years x 12 months per year = 360 months. The I/Y will be 4.8%/12 = .4% per month. Keep in mind you are only financing $200,000 of the purchase price of the home.

The calculator inputs will be;

PV = $200,000

N = 360

I/Y = .4

FV = 0

Solve for PMT = -1,049.33

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