Use PMT to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $110,000 20-year fxed-rate mortgage at 4%. a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...
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Use PMT
to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $110,000 20-year
fixed-rate mortgage at 4%
a. The monthly payment is S.
(Do not round until the final answer. Then round to the nearest cent as needed.)
Transcribed Image Text:Use PMT to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $110,000 20-year fixed-rate mortgage at 4% a. The monthly payment is S. (Do not round until the final answer. Then round to the nearest cent as needed.)
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