Question

Rodrigo is planning on buying a new home. The total amount he needs to borrow is $299,132. The bank offered Rodrigo a 18 year loan with an APR of 4.48%. What is Rodrigo's monthly payment on the loan rounded to the nearest dollar? Do not include a dollar sign in your answer.​

Answer 1

13402

Explanation:

PV= $299,132

I/YR= 4.48% or 0.0448

N= 216

PMT= $13402

(Excel works great with this and will solve it for you, use the PMT function and insert the numbers provided. It will show a (-) but that is because a positive PV is placed.)