Question

Why do i keep getting this question wrong?
(work is linked below) // will medal.

Alice purchased a house using a fixed rate mortgage. The annual interest rate is 5.6 % compounded monthly for 30 years. The mortgage amount is $205,000. What is the monthly payment on the mortgage?

Answer 1

https://www.algebra.com/algebra/homework/Finance/fixed-rate-mort.lesson
this website might help

Answer 2

it looks like you might have left out how many monthly payments

Answer 3

compounded monthly for 30 years
so that would be 12*30 i believe

Answer 4

monthly payments = 12, and then the time is 30, so multiply to 360?

Answer 5

i thought that would make it annually

Answer 6

here give me one quick second and see what i come up with

Answer 7

I appreciate it, thank you.

Answer 8

of course

Answer 9

here is the formula with everything in its place

Answer 10

I'll try it out and solve, thank you!

Answer 11

youre welcome. although im working on it now, and it may be incorrect so ill keep working on it as well XD

Answer 12

I keep getting an e when i raise [(1+(.056/12)]^12

Answer 13

i dunno what to do with that

Answer 14

I'm getting horribly wrong answers.. i got $211271.40

Answer 15

lol thats what i got too. lemme try again

Answer 16

here are the answers :

(a)$601.33

(b)$1,176.86

(c)$1,189.00

(d)$1,271.15

Answer 17

so i tried a different formula and this is what i have so far

205000=(x/5.12)^360

Answer 18

5.12 wont work because it needs the full decimal number

Answer 19

im going to guess (B)1176.86
are you able to guess until you get it correct?

Answer 20

because i tried something else and got 1075.56, and maybe i made some wrong tweaks, but its very close to 1176.86 number wise