20.03.2023 - 02:17

What is the payment for a 30-year mortgage for $180000 with monthly payments and an interest rate of 8%? a) 1,332.41 b) 553.32 c) 120.78 d) 1,320.78 e) 1,200.00

What is the payment for a 30-year mortgage for $180000 with monthly payments and an interest rate of 8%?

a) 1,332.41

b) 553.32

c) 120.78

d) 1,320.78

e) 1,200.00

Answers (1)
  • darkangel
    April 4, 2023 в 01:06

    To calculate the payment for a 30-year mortgage with monthly payments and an interest rate of 8%, we can use the formula for the monthly mortgage payment:

    P = L[c(1 + c)^n]/[(1 + c)^n - 1]

    where P is the monthly payment, L is the loan amount (in this case $180,000), c is the monthly interest rate (which is the annual interest rate divided by 12), and n is the total number of payments (which is 30 years multiplied by 12 months per year, or 360).

    First, we need to calculate the monthly interest rate:

    c = r/12 = 0.08/12 = 0.00666667

    Next, we can plug in the values and calculate the monthly payment:

    P = 180000[0.00666667(1 + 0.00666667)^360]/[(1 + 0.00666667)^360 - 1]

    P = $1,332.41

    Therefore, the answer is (a) $1,332.41.

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