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Find the monthly payment for a home mortgage

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Reference no: EM131637709

Question: HOME MORTGAGES The monthly payment that amortizes a loan of A dollars in t yr when the interest rate is r per year, compounded monthly, is given by

P = f(A, r, t) = Ar/12[1 - (1 + (r/12)-12t)]

a. What is the monthly payment for a home mortgage of $300,000 that will be amortized over 30 yr with an interest rate of 6%/year? An interest rate of 8%/year?

b. Find the monthly payment for a home mortgage of $300,000 that will be amortized over 20 yr with an interest rate of 8%/year.

Reference no: EM131637709

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