In 1960, John Smith, Jr. took out a constant payment, fully amortizing mortgage in the...
60.1K
Verified Solution
Link Copied!
Question
Accounting
In 1960, John Smith, Jr. took out a constant payment, fully amortizing mortgage in the amount of $90,000. The loan was for 20 years, and carried an annual interest rate of 3.5%. Showing your answer to the nearest whole cent, how much was the combined monthly payment of principal and interest on this mortgage? (Note: do not worry about the payment amount for the very last month; I am referring here to the payment amount that applies to each of the other months.)
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.