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Betty buys a starter home for $160,000, put 10% down and interest rate is 4
Betty buys a starter home for $160,000, put 10% down and interest rate is 4.875%. It's a 30 year mortgage. what is her monthly payment?
Expert Solution
Computation of Monthly Payment using PMT Function in Excel:
=pmt(rate,nper,-pv,fv)
Here,
PMT = Monthly Payment = ?
Rate = 4.875%/12
Nper = 30 years*12 months = 360
PV = $160,000*(1-10%) = $144,000
FV = 0
Substituting the values in formula:
=pmt(4.875%/12,360,-144000,0)
PMT or Monthly Payment = $762.06
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