Find the mortgage payment for a 10-year loan of $222,400 at an annual interest rate of 8.39%. Part 1 of 2 The mortgage payment formula is given by PMT = A( _ 1 - (1 + r)-nt where PMT is the monthly mortgage payment, A is the amount of the mortgage, - is the interest rate per payment period, and nt is the total number of payments. To find -, divide the annual rate r = 0.0839 by the number of payments per year, 12. n n 12 To find nt, multiply the number of payments per year, 12, by the number of years of the mortgage, 10. nt = 12 . 10Suppose that you decide to purchase a home and you secure a 30-year, $330,000 loan at an annual interest rate of 7.5%. Calculate the monthly payment for the loan. (Round your answer to the nearest cent.) $ Need Help? Read It