A new housing development offers homes with a mortgage of $222,000 for 25 years at an annual interest of 8%. Find the monthly mortgage payment.

Question

Kathy Case

Mathematics

11 May, 20:23

A new housing development offers homes with a mortgage of $222,000 for 25 years at an annual interest of 8%. Find the monthly mortgage payment.

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Amir · Answer 1

Using the same formula from your other question:

A = P x (r/12 (1+r) ^t) / (1+r/12) ^t - 1)

A = 222000 x (0.08/12 (1+0.08/12) ^300 / (1+0.08/12) ^300 - 1)

A = $1,713.43 per month