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March 26, 2017

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Matthew obtains a 30-year $81,000 house loan with APR of 8.08%. What is his monthly payment?

  • Math - ,

    monthly rate = .0808/12 = .0067333..

    81000 = x( 1 - 1.0067333..^-360)/.00673333..
    ...
    ...
    x = 598.87

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