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OpenStudy (anonymous):
Asia purchased a house using a fixed rate mortgage. The annual interest rate is 4.9% compounded monthly for 25 years. The mortgage amount is $165,000. What is the monthly payment on the mortgage?
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OpenStudy (anonymous):
would is be 576?
OpenStudy (anonymous):
I believe so, I got $576.95.
OpenStudy (anonymous):
(165,000 x 1.049) / (25 x 12)
OpenStudy (mathmale):
May I direct you to the following for further background material: http://www.wikihow.com/Calculate-Mortgage-Payments#Calculate_the_Mortgage_Payments
OpenStudy (mathmale):
I found that by doing a search for "amortization calculations."
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