You plan to purchase a home mortgage for a home that costs $968851 with a 5% interest rate for 30 years. How much is the monthly payment for the mortgage with the interest? Round your answer to 2 decimal places.
Added by Jeremy E.
Step 1
To do this, we divide the annual rate by 12. So, 5% per year becomes 0.05/12 = 0.00416667 per month. Show more…
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