Find the monthly payment for the loan. (Round your answer to the nearest cent.)

A $118,000 home bought with a 20% down payment and the balance financed for 30 years at 9.5%

Thank you it is greatly appreciated.

balance on home = .08(118,000) = $94,400

i = .095/12 = .00791666...
n = 30(12) = 360

paym( 1 - 1.00791666..^-360)/.00791666.. = 94400
payment = $793.77

thank you for your help.

To find the monthly payment for a loan, you can use the formula for calculating the monthly payment on a fixed-rate mortgage:

M = P [ i(1+i)^n ] / [ (1+i)^n – 1 ]

Where:
M = monthly payment
P = loan amount (balance after down payment)
i = monthly interest rate (annual interest rate / 12)
n = number of monthly payments (30 years * 12)

First, we need to calculate the loan amount after the 20% down payment:
Down payment = 20% of $118,000 = 0.20 * $118,000 = $23,600
Loan amount = $118,000 - $23,600 = $94,400

Next, we need to calculate the monthly interest rate:
Annual interest rate = 9.5%
Monthly interest rate = 9.5% / 12 = 0.0079167 (rounded to 7 decimal places)

Finally, we can plug these values into the formula to calculate the monthly payment:

M = $94,400 [ 0.0079167(1+0.0079167)^(30*12) ] / [ (1+0.0079167)^(30*12) – 1 ]

Calculating this using a calculator or spreadsheet, the approximate monthly payment is $798.77 (rounded to the nearest cent).

Therefore, the monthly payment for the loan is approximately $798.77.