, 24.01.2020helloitschump0vfdz

# What is the monthly payment on a 20 year mortgage (rounded to the nearest dollar) with end of month payments when the annual interest rate is 8%, and we are borrowing $300,000? ## Answers the answer is a.$209,000

happiness is the correct luck

explanation:

PMT = $30555.68 Explanation: given data time = 20 year annual interest rate = 8% borrowing =$300,000

solution

we first get here Present Value Interest Factor of Annuity that is

Present Value Interest Factor of Annuity =     ..............1

here r is rate and t is time

Present Value Interest Factor of Annuity =

Present Value Interest Factor of Annuity  = 9.81814

so here PMT =

PMT =

PMT = \$30555.68

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