SOLUTION: the quicken loans mortgage company is offering a 30-year fixed-rate mortgage of 3.75%. Amy and Brian paid their down payment and are mortgaging their house for $160,000. What is th
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Question 1074798: the quicken loans mortgage company is offering a 30-year fixed-rate mortgage of 3.75%. Amy and Brian paid their down payment and are mortgaging their house for $160,000. What is the monthly payment needed in order to amortize the loan? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! PV=MP(1-(1+(r/n))^(-nt)/(r/n)
160000*(.0375/12)=MP(1-(0.0375/12))^(-360)
500=MP(1-(1+003125)^-360)
500=MP(1-.3252), and without rounding
MP=500/(1-.3252)
=$740.98
