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ch 5 You put down 20% on a home with a purchase price of $150,000, or $30,000. The remaining balance will be $120,000. The bank

ch 5 You put down 20% on a home with a purchase price of $150,000, or $30,000. The remaining balance will be $120,000. The bank will loan you this remaining balance at 4.375% APR. You will make monthly payments with a 20-year payment schedule. What is the monthly annuity payment under this schedule? (hint: solve for PMT and adjust your calculator and N accordingly or use PMT function in Excel)

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