document.write( "Question 1201026: What payment is required at the end of each month for 10 years to repay a $200,000 mortgage if interest is 6.5% compounded monthly?
\n" ); document.write( " \n" ); document.write( "
Algebra.Com's Answer #835256 by Theo(13342)\"\" \"About 
You can put this solution on YOUR website!
payment at the end of each month would have to be equal to 2270.96.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "i used the calculator at https://arachnoid.com/finance/\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "here are the results.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "the number of time periods are 10 years * 12 months per year = 120 months.
\n" ); document.write( "the interest rate per time period is 6.5% per year / 12 = .54166666666.....% per month.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "the present value is positive because that what is received.
\n" ); document.write( "the paymentis negative becausre that's what is spent.
\n" ); document.write( "payments are made at the end of each time period.
\n" ); document.write( " \n" ); document.write( "
\n" );