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iRoal Portal e Sign In or Sign Up Ci X M inbox (439) tr afzul X M Your Chegg.com Res D csePub-Electronic PL iR al Portal y ES × Besi Capos C https://www.csepub.com/eX answers/8297957/edit CSePub Home Book Store Independent Authors About Your Cart tems:Total: $99.99 View Cart A couple has ust purchased a home for $389,400.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.28% APR with monthy compounding. The mortgage has a term ot 30 years. What is the monthly payment on the loan? Answer Format: Currency: Round to: 2 decimal places. Enter Answer Here Submit Answer + Prev Problem A Problems Next Problem Contact Us Privacy Policy TeTIs Copyright 2018 Conley Smith Publishing. All Right reserved. 8:32 PM O Type here to search 9/26/2018 2

Explanation / Answer

Cost of home $ 3,89,400.00 Less:down payment $     77,880.00 Loan Amount $ 3,11,520.00 /Present value of annuity of 1 180.4847933 Monthly payment $ 1,726.02 Working: Present value of annuity of 1 = (1-(1+i)^-n)/i Where, = (1-(1+0.0044)^-360)/0.0044 i 5.28%/12 = 0.0044 = 180.4847933 n 30*12 = 360

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