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# Please take a look at my answer and check if what I did is correct, I'm stuck. I buy a house for \$230,000.

Please take a look at my answer and check if what I did is correct, I'm stuck.

I buy a house for \$230,000. I make a down payment of 20% and ﬁnance the rest with a 13 year mortgage in which I will pay the same amount at the end of each month until the mortgage is paid oﬀ. The annual interest rate is 3% and interest is compounded monthly. What monthly payment should I make?

Price after 20% deposit is \$184,000

Interest is 0.0025

n= 156 monthly payments

r=184000(0.0025)/1-(1+0.0025)-156

my answer is \$1425.91

but I then got \$1421.86

The monthly... View the full answer

The monthly... View the full answer

Answer: Pmt =... View the full answer

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