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 -

    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!

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