Finance
posted by YaYa .
You are considering borrowing $150,000 to purchase a new
home.
a. Calculate the monthly payment needed to amortize an 8
percent fixedrate 30year mortgage loan.
b. Calculate the monthly amortization payment if the loan in (a)
was for 15 years.

Finance 
Damon
http://www.mortgagecalculator.org/
pmt = principal [ r/ {1  (1+r)^n} ]
here
principal = 150,000
r = interest rate / month = .08/12 =.006666666
n = 12 * 30 = 360 months
I get
1100.65 per month
that calculator link also says 1100.65
Respond to this Question
Similar Questions

financial management
suppose you purchase a home for $150,000.and obtain a 90% mortgage loan, 30 yr. maturity, at a fixed annual interest rate of 80% with deferred monthly payments. What is the monthly payment for principal and interest on this loan? 
SMU
You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30year mortgage loan for 80 percent of the $2,300,000 purchase price. The monthly payment on this loan will be $15,000. Therefore, the APR on … 
Finance
You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30year mortgage loan for 80 percent of the $2,800,000 purchase price. The monthly payment on this loan will be $17,000. What is the APR and ERA? 
Finance
You have just purchased a new warehouse. To finance the purchase, you have arranged for a 30year mortgage loan for 80 percent of the $2,800,000 purchase price. The monthly payment on the loan will be $22,000. a. What is the effective … 
finance
You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 25year mortgage for 75 percent of the $3,600,000 purchase price. The monthly payment on this loan will be $17,700. What is the APR on this loan? 
Math
Shantle and Kwamie are planning to buy their first home. Although they are excited about the prospect of being homeowners, they are also a little frightened. A mortgage payment for the next 30 years sounds like a huge commitment. They … 
f
You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 35year mortgage for 85 percent of the $3,100,000 purchase price. The monthly payment on this loan will be $17,200. What is the APR on this loan? 
Finance
Could someone tell me how to calculate this in excel? 
Math
The Washingtons buy a $260,000 home by putting 20% down and financing the balance with a 30year fixedrate 4.2% mortgage, compounded monthly. What is the amount of their monthly loan payment to amortize the loan? 
Finance
Audrey Sanborn has just arranged to purchase a $550,000 vacation home in the Bahamas with a 20 percent down payment. The mortgage has a 6.1 percent stated annual interest rate, compounded monthly, and calls for equal monthly payments …