Answer:
R=An*i : [1-(1+i)^-n]
R=580,000*0.0525/12 : [1-(1+0.0525/12)^-360]
R=3,202.78
Monthly payments =$ 3,202.78
Explanation:
Given
Home Cost=725,000
downpayment= 20% of 725,000
An=725,000 - 0.2 *725,000
An= 580,000
t=30 yrs
n=12 (monthly)
j=5.25% (interest rate)
--> i=j/m
i=0.0525/12
-->n=m*t
n=12*30
n=360
FInd monthly pmts ( R) =?
R=An*i : [1-(1+i)^-n]
R=580,000*0.0525/12 : [1-(1+0.0525/12)^-360]
R=3,202.78
