SOLUTION: Clients are purchasing a home for 250,000. They make a $10,000 down payment. The terms of the loan are 4% for 30 years. Taxes on the home are $2400 yearly paid monthly. The annual
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Question 994102: Clients are purchasing a home for 250,000. They make a $10,000 down payment. The terms of the loan are 4% for 30 years. Taxes on the home are $2400 yearly paid monthly. The annual insurance is $300 paid monthly. What is the monthly payment on the loan?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
The payment, 
, on a fully amortized loan of 
at an annual interest rate of 
(expressed as a decimal) compounded 
times per year for 
years is:
^{nt}}{\left(1\ +\ \frac{r}{n}\right)^{nt}\ -\ 1}\right\])
You need the payment for a $240,000 loan and then figure the tax and insurance payments to add on.
John
My calculator said it, I believe it, that settles it
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