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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: ​$73,500Term of​ mortgage: 20 yearsInterest​ rate: 10.5%

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%
check_circleAnswer
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 ...

|=PMT
PMT(rate, nper, pv, [fv], [type])
| -PMT(10.5%/12,240,-73500)
$733.81
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|=PMT PMT(rate, nper, pv, [fv], [type]) | -PMT(10.5%/12,240,-73500) $733.81

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