What is your monthly mortgage payment on a loan for $150,000, at 6% for 20 years?
$899.33
$1,265.79
$1,074.65
$1,089.91
Check this site.
http://www.bankrate.com/brm/mortgage-calculator.asp
To calculate the monthly mortgage payment, you can use a mortgage loan calculator or the formula:
PMT = P * r * (1 + r)^n / ((1 + r)^n - 1)
Where:
PMT is the monthly mortgage payment
P is the loan principal amount (in this case $150,000)
r is the monthly interest rate (which is the annual interest rate divided by 12)
n is the total number of payments (which is the loan term in years multiplied by 12)
Let's plug in the values and calculate:
P = $150,000
r = 6% / 100 / 12 = 0.005
n = 20 * 12 = 240
PMT = $150,000 * 0.005 * (1 + 0.005)^240 / ((1 + 0.005)^240 - 1)
Calculating this expression will give us the monthly mortgage payment.
Using a calculator, we find that the monthly mortgage payment is $1,074.65.
So, the correct answer is option C: $1,074.65.