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?

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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