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11 March, 21:29

Asia purchased a house using a fixed rate mortgage. The annual interest rate is 4.9% compounded monthly for 25 years. The mortgage amount is $165,000. What is the monthly payment on the mortgage? (show work)

A = $1,079.83

B = $576.95

C = $584.49

D = $954.98

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Answers (1)
  1. 11 March, 23:12
    0
    PUT=165,000: (((1 - (1+0.049:12) ^ (-12

    *25)) : (0.049:12))) = 954.98
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