SaltyDogg SaltyDogg

02-01-2020
Mathematics

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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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musiclover10045 musiclover10045

02-01-2020

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

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