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the patel family recently purchased a home taking out a mortage of $235,000 at 8% for 25 years excluding taxes and insurance what is the monthlt piti payment for their loan

  • finance -

    pmt = PV [ r/{1 - (1+r)^-n} ]
    r = .08/12 = .0066666
    n = 25*12 = 300

    1+r = 1.0066666
    (1+r)^-300 = .13624
    +1 = 1.13624
    .0066666/1.1364 = .005867
    * 235000 = $1,378.82 per month

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