SOLUTION: Richard Miyashiro purchased a condominium and obtained a 30-year loan of $191,000 at an annual interest rate of 8.35%. (Round your answers to the nearest cent.)
(a) What is the mo
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Question 1146793: Richard Miyashiro purchased a condominium and obtained a 30-year loan of $191,000 at an annual interest rate of 8.35%. (Round your answers to the nearest cent.)
(a) What is the mortgage payment?
(b) What is the total of the payments over the life of the loan?
(c) Find the amount of interest paid on the mortgage loan over the 30 years.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P = M[r(1 + r/n)^nr]/[(1 + r/n)^nr - 1]
round at end. Doing this ignoring M for now
get $1448.37
r is 0.0835
r/n is 0.0835/12
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