Question

Miranda obtains a $296,000 15/5 balloon mortgage with a rate of 6.75%. What will her monthly payments be?

Answer 1

PLZ MARK AS BRAINLIEST IF IT HELPED YOU

Answer 2

Answer:

Per month payment = $2619.33775

Explanation:

Given:

Principal(p) = $296,000

Number of year(n) = 15 year = $15 \times 12 month = 180$

Rate = 6.75% per year = $\frac{0.0675 }{12} = 0.005625 per month$

Computation of EMI :

$EMI = \frac{p\times r\times(1+r)^n}{(1+r)^n-1}$

$EMI = \frac{296,000\times 0.005625\times(1+0.005625)^{180}}{(1+0.005625)^{180}-1}\\= \frac{1,665\times (1.005625)^{180})}{(1.005625)^{180}-1} \\= \frac{4569.88}{2.74467 -1} \\= \frac{4569.88}{1.74467}\\= 2619.33775$

Per month payment = $2619.33775

learn more:

https://brainly.in/question/5588687

#learnwithbrainly