You buy a house for $ 260,000. If a down payment of $ 50,000 is made and a mortgage loan is taken for the remainder, at 8% compounded monthly, what should the monthly payment be if the mortgage is to be paid in 15 years?

Hint: Calculate the effective annual interest and solve with periods of 15 years.

show step with formula

Problem #4 You buy a house for $ 250,000. Il a down payment of $50.000 is made and a mortgage loan is taken for the remainder, at 8% compounded monthly, what should the monthly payment be it the mortgage is to be paid in 15 years? Hint: Calculate the effective annual interest and solve with periods of 15 years. Graph Apl Resolution with the above formula