Answered

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a home mortgage for a home that costs $672096 with a 4% interest rate for 24 years. How much is the monthly payment for the mortgage with the interest?

Sagot :

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9514 1404 393

Answer:

  $3633.96

Step-by-step explanation:

The monthly payment is given by the amortization formula:

  A = P(r/12)/(1 -(1 +r/12)^(-12t))

monthly payment for principal P at annual rate r for t years.

  A = $672096(0.04/12)/(1 -(1 +0.04/12)^(-12·24)) = $3633.96

The monthly payment for the mortgage is $3633.96.

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