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March 25, 2017

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Kandace have been approved for a $250,000, 30 year mortgage with an APR of 4.5%. What is their monthly payment rounded to the nearest dollar?

  • Math - ,

    A = P *r*((1+r)^n)/((1+r)^n-1)

    where

    A = payment Amount per period
    P = initial Principal (loan amount)
    r = interest rate per period
    n = total number of payments or periods

    n = 30*12 = 360
    P = 250000
    4 = 0.045

    A = 250000*0.045 * (1.045^360)/(1.045^360 - 1)

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