Question

A couple buys a $150,000 home, with a down payment of 22%.The couple finances it for 15 years at an annual rate of 3%. What is the monthly payment

Answer 1

The monthly payment is:

$A = \frac{150,000×(1 - 0.22)×0.03/12×(1+0.03/12)^{180}} {(1+0.03/12)^{180} -1} = 807.98.$