Math
posted by Jamal .
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?

A = P *r*((1+r)^n)/((1+r)^n1)
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)
Respond to this Question
Similar Questions

Economics
Suppose that you have a $400,000 commercial mortgage with a 6.3% APR and a 25 year amortization period. Further, suppose that the mortgage has a 5 year balloon. How much of the 48th monthly payment is interest and how much is principal? 
math
Determine the regular payment amount, rounded to the nearest dollar. The price of a home is $160,000. the bank requires a 15% down payment. The buyer is offered two mortgage options: 1 year fixed at 8% or 30year fixed at 8%. Calculate … 
math
Determine the regular payment amount, rounded to the nearest dollar. The price of a home is $160,000. the bank requires a 15% down payment. The buyer is offered two mortgage options: 1 year fixed at 8% or 30year fixed at 8%. Calculate … 
accounting
3. On December 1, year 1, Newton Corporation incurs a 15year $300,000 mortgage liability in conjunction with the acquisition of an office building. This mortgage is payable in monthly installments of $3,600, which include interest … 
math
A lender gives you a choice between the following two 30year mortgages of $200,000: Mortgage A: 6.65% interest compounded monthly, one point, monthly payment of $1283.93 Mortgage B: 6.8% interest compounded monthly, no points, monthly … 
Math
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? 
Urgent math
A couple needs a mortgage of $300,000. Their mortgage broker presents them with two options: a 30year mortgage at 8 1/2% interest or a 15year mortgage at 7 3/4% interest. (Round your answers to the nearest cent.) (a) Find the monthly … 
please help urgent
A couple needs a mortgage of $300,000. Their mortgage broker presents them with two options: a 30year mortgage at 8 1/2% interest or a 15year mortgage at 7 3/4% interest. (Round your answers to the nearest cent.) (a) Find the monthly … 
Finance
Could someone tell me how to calculate this in excel? 
Math
You have a $250,000 mortgage. The 30 year fixed rate is 8.5%. You have had your house for ten years. You have 20 years remaining on your mortgage. The new 15year mortgage rate is 5.5%. 1) What is your mortgage payment, principal …