Calculate the equal monthly payments

Reference no: EM1357613

You are buying your first house for $220,000, and are paying $30,000 as a down payment. You have arranged to finance the remaining $190,000 30-year mortgage with a 7% nominal interest rate and monthly payments. What are the equal monthly payments you must make?

$1,513

$1,110

$1,264

$1,976

$1,349

Reference no: EM1357613

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