Question

What is the monthly payment on a $200,000 mortgage for 25 years at 5%?

Answer 1

iknow iknow ... pick me!! :)

Answer 2

how many periods are we paying for?

Answer 3

12 times a year, for 25 years is how many payments to be made?

Answer 4

300?

Answer 5

and if youve already worked a solution and are trying to dbl chk, please provide your solution

Answer 6

12(20+5) = 240 + 60 = 300, yes, 300 periods to pay

and what is out period interest rate? 5% is a yearly rate

Answer 7

*... our period rate

Answer 8

I'm not sure

Answer 9

5%/12 would be our period rate

Answer 10

so our compounding rate is 1 + .05/12 per period

Answer 11

I got 1.004

Answer 12

so working the formula, mine at least

P = Bk^n(1-k)/(1-k^n)

= 200000(1+.05/12)^(300)(1-(1+.05/12))/(1-(1+.05/12)^(300))

and what is the resutls?

Answer 13

1169.18

Answer 14

yep, thats what i get

Answer 15

that and a lot of lagtime ....