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Find what is amount of monthly mortgage payment for loan

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Problem 1: The McDonald Group is purchasing a piece of property for $1.2 million. Two finance companies offer McDonald different loan terms to finance the purchase. Finance company A requires McDonald to put a down payment of 20% in cash and finance the balance. The loan terms require monthly payments for 15 years at an annual percentage rate of 7.75% compounded monthly. Finance company B only requires 10% in cash for down payment, but it requires monthly payments for 15 years at an annual percentage rate of 8.00% compounded monthly. What is the amount of monthly mortgage payment for each loan?

Reference no: EM132939863

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