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OpenStudy (anonymous):
PLEASE HELP!!! Monthly payment word problem with financial applications!
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OpenStudy (anonymous):
Misty is buying a house for $385,000. She is financing $345,500 and obtained a 15-year, fixed-rate mortgage with a 4.875% interest rate. How much are her monthly payments?
OpenStudy (anonymous):
I cant get a good answer :( this is what ive done so far: M=345500 .40625(1+.40625)^180/ (1+.40625)^180-1 but cant seem to find right answer :(
OpenStudy (anonymous):
Monthly interest rate is 0.04875/12 = 0.0040625. Number of payments = 15 * 12 = 180. Discounted value of all those payments must add up to 345,500.
OpenStudy (anonymous):
ohhhh i forgot to make it into decimal :-/ oops haha thanks!
OpenStudy (anonymous):
yay! found answer thanks so much!!
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OpenStudy (anonymous):
Cool!
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