Question
Asked Oct 26, 2019
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Suppose you have good credit and can get a 30 year mortgage for $100,000 at 5%.  What is your monthly payment?

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Expert Answer

Step 1

Amount of Mortgage (pv) = $100,000

Time Period = 30 years

Number of Payments in a Period = 12

Total Number of Payments (nper) = 30 × 12 = 360

Interest Rate (rate) = 5%

Type of Interest Paid = Monthl...

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PMT PMT(rate, nper, pv, [fv], [type]) =PMT(5%/12,360,-100000) $536.82

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