Question

(1 point) Andy takes out a 15-year mortgage of 145000 dollars to purchase a home. If the nominal rate of interest is 6.9 percent convertible monthly, and the first payment is due one month from now, how much is his monthly payment? Answer =() dollars.

Name: 1 point andy takes out a 15 year mortgage of 145000 dollars to purchase a home if the nominal rate of interest is 69 percent convertible monthly and the first payment is due one month from n 73857
Uploaded: 2022-03-31T19:20:53-08:00
Duration: 1 min 50 s
Channel: Moses Obasola
Description: 1 point andy takes out a 15 year mortgage of 145000 dollars to purchase a home if the nominal rate of interest is 69 percent convertible monthly and the first payment is due one month from n 73857

          (1 point) Andy takes out a 15-year mortgage of 145000 dollars to
purchase a home. If the nominal rate of interest is 6.9 percent
convertible monthly, and the first payment is due one month from
now, how much is his monthly payment?
Answer =()  dollars.

Added by Teresa M.

Precalculus with Limits

Ron Larson 2nd Edition

Instant Answer

Solved by Expert Moses Obasola

03/31/2022

Step 1

- Principal amount (P) = $145,000 - Nominal annual interest rate = 6.9% - Loan term = 15 years - Payments per year = 12 (monthly payments) The formula for the monthly payment (M) on an amortizing loan is: \[ M = \frac{P \cdot r \cdot (1 + r)^n}{(1 + Show more…

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(1 point) Andy takes out a 15-year mortgage of 145000 dollars to purchase a home. If the nominal rate of interest is 6.9 percent convertible monthly, and the first payment is due one month from now, how much is his monthly payment? Answer =() dollars.