The price of a home is 320000. The bank requires a 10% down payment. After the down payment, the balance is financed with a 20-year fixed-rate mortgage at 8.5%. Determine the monthly mortgage payment (excluding escrowed taxes and insurance) to the nearest dollar.
The price of a home is 320000. The bank requires a 10% down payment. After the down payment, the balance is financed with a 20-year fixed-rate mortgage at 8.5%. Determine the monthly mortgage payment (excluding escrowed taxes and insurance) to the nearest dollar.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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The price of a home is 320000. The bank requires a 10% down payment. After the down payment, the balance is financed with a 20-year fixed-rate mortgage at 8.5%. Determine the monthly mortgage payment (excluding escrowed taxes and insurance) to the nearest dollar.
Transcribed Image Text:Use PMT =
to determine the regular payment amount, rounded to the nearest dollar.
- nt
The price of a home is $320,000. The bank requires a 10% down payment. After the down payment, the balance is financed with a
escrowed taxes and insurance) to the nearest dollar.
O A. $2,649
O B. $2,379
O C. $2,499
O D. $2,999
lick to select your answer.
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