SOLUTION: Jason pays off a $163000 mortgage by making equal payments at the end of each month for 30 years. Find his monthly payment if the interest is 4.31 percent compounded monthly.

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Question 1130380: Jason pays off a $163000 mortgage by making equal payments at the end of each month for 30 years. Find his monthly payment if the interest is 4.31 percent compounded monthly.

Answer by VFBundy(438) About Me  (Show Source):
You can put this solution on YOUR website!
Monthly payment = (163000 * 0.0431/12) / (1 - (1/(1+0.0431/12)^(12*30))

This comes out to $807.60.