Math

posted by .

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 -

M = P(r/n)/(1-(1+r/n)^-nt)
= 250000*0.045/12 / (1 - (1+.045/12)^(-12*360))
= 937.50

• Math -

oops That's 12*30
M = 1266.71

• Math -

Thank you so very much!

Similar Questions

1. 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?
2. 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 30-year fixed at 8%. Calculate …
3. 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 30-year fixed at 8%. Calculate …
4. accounting

3. On December 1, year 1, Newton Corporation incurs a 15-year \$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 …
5. math

A lender gives you a choice between the following two 30-year 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 …
6. 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?
7. Urgent math

A couple needs a mortgage of \$300,000. Their mortgage broker presents them with two options: a 30-year mortgage at 8 1/2% interest or a 15-year mortgage at 7 3/4% interest. (Round your answers to the nearest cent.) (a) Find the monthly …