Question

A condo in Culver City, California, listed for $1.4 million with 20% down and financing at 5% for 30 years. What's the monthly payment?

Answer 1

Explanation:

$6,014.40

Answer 2

$6,387.40 per month. The following formula is used to calculate the fixed monthly payment (P) required to fully amortize a loan of L dollars over a term of n months at a monthly interest rate of c. P = L[c(1 + c)^n]/[(1 + c)^n - 1]