contestada

Your real estate agent mentions that homes in your price range require a payment of approximately $1,200 per month over 30 years at 9% interest. What is the approximate size of the mortgage with these terms?

Respuesta :

Answer:

$149,138.24

Explanation:

Given that

Monthly payment = $1,200

Rate of interest = 9% ÷ 12

Number of months of repayment = 30 years

The computation of approximate mortgage size is shown below:-

Present value of annuity = P × ((1 - (1 + r)^ -n) ÷ r)

= $1200 x ((1 - (1+0.0075)^-360) ÷ 0.0075)

= $1200 x 124.2819

= $149,138.24

Otras preguntas