SOLUTION: 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?

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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?
Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
payment at the end of each month would have to be equal to 2270.96.

i used the calculator at https://arachnoid.com/finance/

here are the results.



the number of time periods are 10 years * 12 months per year = 120 months.
the interest rate per time period is 6.5% per year / 12 = .54166666666.....% per month.

the present value is positive because that what is received.
the paymentis negative becausre that's what is spent.
payments are made at the end of each time period.