document.write( "Question 1139951: Refinancing a mortgage: A real estate Speculator purchases a tract of land for $1000000 and assumes a 25 year mortgage at 4.2% interest compounded monthly
\n" ); document.write( "What is his monthly payment? \n" ); document.write( "
Algebra.Com's Answer #760464 by Theo(13342)\"\" \"About 
You can put this solution on YOUR website!
payment at the end of each month = $5,389.42 according to the results from the use of the following calculator.\r
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\n" ); document.write( "\n" ); document.write( "https://arachnoid.com/finance/\r
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\n" ); document.write( "\n" ); document.write( "here's a display of the results.\r
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\n" ); document.write( "\n" ); document.write( "inputs to the calculator were:\r
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\n" ); document.write( "\n" ); document.write( "present value = 1,000,000.
\n" ); document.write( "future value = 0
\n" ); document.write( "number of time periods == 25 years * 12 months per year = 300 months.
\n" ); document.write( "interest rate per time period == 4.2% per year / 12 = .35% per month.
\n" ); document.write( "payments are made at the end of each month.\r
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\n" ); document.write( "\n" ); document.write( "click on pmt and the calculator tells you that the monthly payment needs to be $5389.42.\r
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\n" ); document.write( "\n" ); document.write( "it is shown as negative because it's money going out.\r
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