Question

What is the monthly payment on a $110,000 mortgage? Assume a standard 30-year, 5.4% mortgage with monthly payments.

Answer 1

Answer:

the monthly payment on a $110,000 mortgage is $617.68.

Explanation:

The Monthly payments, PMT on the mortgage can be determined using a Financial Calculator as follows :

Pv = $110,000

n = 30 × 12 = 360

r = 5.4 %

P/yr = 12

Fv = $ 0

PMT = ?

Using a Financial Calculator, the Monthly payments, PMT on the mortgage is $617.68