You bought a house with a $432349 mortgage that you will pay off over 25 years. Given your credit score, your interest rate is 6.44%. What is your monthly payment? Answer:

Name: Solved: You bought a house with a $432349 mortgage that you will pay off over 25 years. Given your credit score, your interest rate is 6.44%. What is your monthly payment? Answer: - MathMaster
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Answer to a math question You bought a house with a $432349 mortgage that you will pay off over 25 years. Given your credit score, your interest rate is 6.44%. What is your monthly payment? Answer:

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Clarabelle

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94 Answers

P = 432349 \\ r = \frac{6.44}{100 \times 12} = 0.005367 \\ n = 25 \times 12 = 300 \\M = P \frac{r (1+r)^n}{(1+r)^n - 1} \\ M = 432349 \frac{0.005367 (1 + 0.005367)^{300}}{(1 + 0.005367)^{300} - 1} \\ M \approx 432349 \frac{0.005367 \times 5.59432}{5.59432 - 1} \\ M \approx 432349 \frac{0.030} {4.59432} \\ M \approx 2873.53

Answer:

M=\$2903.06

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