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3. Kyle and Alex purchased a condominium with a $335,000 mortgage with a 3.9% annual interest rate for 20 years. What are their monthly payments?
3. Kyle and Alex purchased a condominium with a $335,000 mortgage with a 3.9% annual interest rate for 20 years. What are their monthly payments? Express your answer to the nearest cent ($0.01). If necessary, round any intermediate decimal values in your calculations to at least 4-decimal places (5- decimal places is preferred). Write the finance formula you will use for this problem. Write it in generic form as you see it on the formula sheet, without any numbers. (1 point) Use the formula to find the monthly payment. (9 points) Finance Formulas 1 - Prt FV = P(1 + r) A-P(1 + r) SP(1 t) A P A = P(1+3) FV = P(1+3) FV P= d not -1 (1+ -1 no a[(1+3) - 1 FA FV = d= -1 - w1- -- P. WE 1-(1+ m 1- H P = 1-(1+1) 13
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