Question

PLEASE HELP!!! Monthly payment word problem with financial applications!

Answer 1

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?

Answer 2

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 :(

Answer 3

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.

Answer 4

ohhhh i forgot to make it into decimal :-/ oops haha thanks!

Answer 5

yay! found answer thanks so much!!

Answer 6

Cool!

Answer 7

http://www.interest.com/mortgage/calculators/mortgage-calculator/