Richard Miyashiro purchased a condominium and obtained a 20-year loan of $196,000 at an annual interest rate of 8.20%. (Round your answers to the nearest cent.) (a) What is the mortgage payment? $ (b) What is the total of the payments over the life of the loan? $ (c) Find the amount of interest paid on the mortgage loan over the 20 years. $
Added by Tracy C.
Step 1
082}{12} \right) }{1 - (1 + \frac{0.082}{12})^{-12 \times 20}} \] \[ PMT = \frac{196,000 \times 0.00683}{1 - (1.00683)^{-240}} \] \[ PMT = \frac{1,338.68}{1 - 0.2071} \] \[ PMT = \frac{1,338.68}{0.7929} \] \[ PMT \approx 1,686.39 \] Show more…
Show all steps
Close
Your feedback will help us improve your experience
Vishal Parmar and 73 other Calculus 3 educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Richard Miyashiro purchased a condominium and obtained a 25-year loan of $190,000 at an annual interest rate of 3.09%. (Round your answers to the nearest cent:) What is the mortgage payment? What is the total of the payments over the life of the loan? Find the amount of interest paid on the mortgage loan over the 25 years.
Ashton S.
The monthly payments on a 20-year loan of $20,000 at 5.3% interest are $135.33. (a) What is the total amount paid over the 20 years? $ (b) What is the total amount of interest paid? $
Chasen S.
A person bought a house for 92,000 dollar and made a $20 \%$ down payment. How much was the down payment? (a) 1,840 dollar (b) 18,400 dollar (c) 4,600 dollar (d) 460 dollar
Recommended Textbooks
Calculus: Early Transcendentals
Thomas Calculus
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD