# Math

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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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