SOLUTION: money questions get me lost....help! A 20 year fixed-rate mortgage with an annual interest rate of 8.4% compounded monthly is taken on a $83,000 loan. What is the monthly payme

Question 64442This question is from textbook college algebra
: money questions get me lost....help!
A 20 year fixed-rate mortgage with an annual interest rate of 8.4% compounded monthly is taken on a $83,000 loan. What is the monthly payment to the nearest cent?
thanks for the help! This question is from textbook college algebra

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A 20 year fixed-rate mortgage with an annual interest rate of 8.4% compounded monthly is taken on a $83,000 loan. What is the monthly payment to the nearest cent?
----------------
Formula: S=R[(1+i)^n -1]/i where R is the required montly payment,i=r/12,
n=number of payments.
83000*0.007=R[1+.084/12)^(20*12)-1]
581=R[1.007^(240)-1]
581=R[5.3342-1]
581=R[4.3342]
R=$134.05
Cheers,
Stan H.
RELATED QUESTIONS
I am using the following formula for the problem but I'm not getting the right answer.... (answered by KMST)

How do I find the monthly payment on a 15-year mortgage of $100,000with an annual... (answered by rfer)

1. Wen Seng operates an ice cream shop. He is trying to decide whether to expand his... (answered by ikleyn)

Suppose you take out a mortgage for $550000 at 7.5% interest per year compounded... (answered by ikleyn,Theo)

George secured an adjustable-rate mortgage (ARM) loan to help finance the purchase of his (answered by Theo)

The Martinezes are planning to refinance their home. The outstanding balance on their... (answered by Solver92311)

using P=B[i/12 over 1-(1+i/12)^-n] In this equation, B is the amount borrowed, i is the... (answered by stanbon)

GIVEN: Monthly mortgage payment = 514.980676 We can calculate how much of a... (answered by ankor@dixie-net.com)

Bob invests 5000 euros in a fixed deposit that pays a nominal annual interest rate of... (answered by Theo,MathTherapy,ikleyn)