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A family is purchasing a house and needs to finance a $195,000 mortgage from the bank with an annual percentage rate (APR) of 5.3%. The family is financing it over 30 years and making monthly payments. What is the monthly payment?
$541.67
$860.25
$1082.84
$1242.25

Respuesta :

Rawknowledge24

Answer:

1.$1082.84

2.$389,822

3.450.71

Step-by-step explanation:

took the test with a 100

ashishdwivedilVT

The monthly payment of the family is $1082.84.

Value of mortgage P= $195,000

APR = 5.3%

Tenure n = 30 years = 360 months

What is the formula for monthly payment or EMI?

EMI = [tex]\frac{Pr(1+r)^n}{(1+r)^n-1}[/tex]

Where P = Principal or loan amount

r = monthly rate of interest

n = tenure in months.

Put P = $195,000

r = APR/12= 5.3%/12

n = 360

So, EMI = $1082.84

Therefore, The monthly payment of the family is $1082.84.

To get more about EMI visit:

https://brainly.com/question/2151013

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