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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

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