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Sagot :
If the purchase price for a house is $345,000 then the amount due each month would be $1,937.12
Step 1
$345,000 was the initial value.
Initial Value x 10% of Down Payment
30 years = Nper (Number of Payments).
Rate = 6.375%
Step 2
Given that it is 10% of the Initial Value, you may compute it as follows:
10% = 10/100 = 0.1
10% x (345,000) = 0.1 x 345,000 = 34,500
Step 3 Present Value (PV)
The total amount borrowed will be:
Initial Value - The down Payment is equal to PV.
PV= 345,000 - 34,500
PV = 310,500
Step 4 Accurate the data: The Nper and Rate in months should be as follows to estimate the monthly payment:
Nper = 30 years x 1 2 months / 1 year = 360 months
Rate = 6.375/12 = 0.531
Step 5 Use the equation: Keep in mind that the following equation determines the loan payment based on consistent payments:
c = PV x Rate/ 1 - (1 + rate) - Nper
Replace the numbers in the corresponding variables of the upper equation to complete step six of the equation.
c = 310,000 + 0.00531 / 1 - [tex](1+0.00531)^{-360}[/tex]
c= 1,937.12
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