Your Monthly Mortgage Payment On A 30 Year Mortgage With A Rate Of 8 3 Compounde
Your monthly mortgage payment on a 30-year mortgage with a rate of 8.3% compounded monthly is $1100. How much did you borrow?
Answer: PV= $145,736.95
Can you show how they got the answer?
solution: Computation of the present valueGiven informationNo of period 30 years360Monthly payment-1100Future value0Rate of interest0.006916667 NPMTFVR PV = PV(rate.nper,pmt,fv) PV =…
