Question
Asked Nov 7, 2019
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Find the monthly payment needed to amortize principal and interest for the​ fixed-rate mortgage.
 
Loan Amount
Interest Rate
Term
​$269,750
3.5%
5
years
The monthly payment is
​$
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Expert Answer

Step 1

Calculate the monthly payment as follows:

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1 1- (1+r) PV PMTx 1 1- E12 3.5% 1+ 12 $269,750 PMT 3.5% 12 1 3.5% 1+ 12 $269,750 PMITx 3.5% 12 1 (1.00291666666666667) $269,750 PMTx 0.00291666666666667

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Step 2

(continueing the above...

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[1-0.839670868768476 $269,750 PMTx 0.00291666666666667 $269,750 PMT-549699878508084 $269,750 РМТ: 54.9699878508084 S4,907.22320572667 or $4,907.22

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