2. You have just taken out a mortgage for $575,000, at a fixed rate of 4.75% per...

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2. You have just taken out a mortgage for $575,000, at a fixed rate of 4.75% per year, compounded monthly, and a term of 30 years.

a) Calculate the monthly payments

I'm having trouble calculating the ADF for this and it's causing me to get a very large number for monthly payments. I'm using: [1-(1/(1.39)^360]/(0.395)

Posted Date: Jun 25, 2024 06:17 PM

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2. You have just taken out a mortgage for $575,000, at a fixed rate of 4.75% per...

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