Question

Solve the problem. If necessary, use the accompanying table of monthly payments. Round your answer to the nearest cent.

Find the monthly payment needed to amortize principal and interest for the following fixed-rate mortgage.

Mortgage amount: $73,500

Term of mortgage: 20 years

Interest rate: 10.5%

Step 1

Mortgage Amount (PV) = $73,500

Interest rate (rate) = 10.5%

Term of Mortgage = 20 years

Number of Payments (nper) = 240

Calculation of monthly ...

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