Per newly schools question and answer asked over students to indicate what they presume is the most crucial important point for a student to do to be able to obtain success. A lot of responses, one which that stood out was practice. Successful people surely are not born successful; they become successful thru hard work and perseverance. If you would like to accomplish your goals, keep this in mind! shown below are one of the answer and question example that you would certainly utilise to practice and develop your understanding and also give you insights that might guide you to preserve your study in school.
If tremaine waited until he had $30,000 saved for a down payment, what would his monthly payment be
His monthly payment will be $574.52
Here, we will use the PMT function in Excel to calculate the Monthly loan payment.
- Loan amount (Pv) = Cost of house – Down payment = $145,000 – $30,000 = $115,000.
Rate = 4.38% / 12
Nper = 30*12 = 360
PV = 115,000
Monthly payment = PMT(Rate, Nper, Pv)
Monthly payment = PMT(4.338%/12, 360, 115000)
Monthly payment = $574.52
Therefore, tremaine’s monthly payment on the loan will be $574.52.
Missing information includes ” Wants a one bedroom townhouse in a trendy new development downtown; average cost is $145,000 ● Is preapproved for a 4.38% interest rate on a 30-year fixed mortgage ● Has saved $15,000 for a down payment”
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