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Monthly payment of the 30 year mortgage loan

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Reference no: EM133120066

You plan to purchase a house for $180,000. You have saved $20,000 for your down payment and plan to finance the rest of the cost with a loan which you will you repay in the following way:

  • Equal monthly payments starting a month from today, with the last payment being made 30 years from today.
  • An additional payment of $ 30,000 made 30 years from today.

If the APR for mortgages is 6% compounded monthly, what is the monthly payment of the 30 year mortgage loan?

Reference no: EM133120066

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