document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1121288>Question 1121288</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You found your dream house. It costs $487000, and you put $50000 as a down payment. For the rest you get a 28-year 5% mortgage (with first payment due in one month). What will be your monthly mortgage payment? (Assume no early repayment.) </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #737127 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=737127\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> i used the following time value of money calculator.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "it can be found at <a  rel=nofollow HREF= \"https://arachnoid.com/finance/\" target = \"_blank\">https://arachnoid.com/finance/</a>\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "the results of the use of that calculator are shown below:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2018/081402.jpg\" alt=\"$$$\" >\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "your inputs to this calculator are:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "present value = 437000.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "this is the purchase price of 487000 minus the 50000 down payment leaving 437000 that needs to be paid off by the mortgage.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "future value = 0 because there should be no remaining balance in the account at the end of the mortgage period.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "number of monthly periods = 28 years * 12 month per year = 336 monthly periods.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "interest rate of 5% per year / 12 = monthly interest rate of .416667% per monthly period.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "payments are to be made at the end of each month.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "you click on PMT and the calculator tells you that the monthly payment is -2419.12 per month.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "the present value is positive because it's money that you receive.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "the payment is negative because it's money that you pay out.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "your monthly payment is $2,419.12 per momth.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );