You agree to purchase a home for $150,000 and decide to make a 20% down payment on the home. You finance the rest of the home payment with a 15 year fixed rate mortgage with an annual interest rate of 4.00%. Assuming that you make regular monthly payments, determine your regular monthly payment amount. Provide just a numerical answer rounded to the nearest cent.
You agree to purchase a home for $150,000 and decide to make a 20% down payment on the home. You finance the rest of the home payment with a 15 year fixed rate mortgage with an annual interest rate of 4.00%. Assuming that you make regular monthly payments, determine your regular monthly payment amount. Provide just a numerical answer rounded to the nearest cent.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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You agree to purchase a home for $150,000 and decide to make a 20% down payment on the home. You finance the rest of the home payment with a 15 year fixed rate mortgage with an annual interest rate of 4.00%. Assuming that you make regular monthly payments, determine your regular monthly payment amount. Provide just a numerical answer rounded to the nearest cent.
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