The purchase price of a home is $159,000.00 and the 30-year mortgage has a 20% down payment and an annual interest rate of 4.4%. What is the monthly mortgage payment? Enter your answer as a dollar value, such as 3456.78

The monthly mortgage payment is $640

Step-by-step explanation:

The cost of the house is $159,000

The down payment made is 20%. This means that the amount paid as down payment is

20/100 × 159000 = 31800

The balance to be paid would be

159000 - 31800 = $127200

We would apply the periodic interest rate formula which is expressed as

P = a/[{(1+r)^n]-1}/{r(1+r)^n}]

Where

P represents the monthly payments.

a represents the amount of the loan

r represents the annual rate.

n represents number of monthly payments. Therefore

a = $127200

r = 0.044/12 = 0.0037

n = 12 × 30 = 360

Therefore,

P = 127200/[{(1+0.0037)^360]-1}/{0.0037(1+0.0037)^360}]

P = 127200/[{(1.0037)^360]-1}/{0.0037(1.0037)^360}]

P = 127200/{3.779 -1}/[0.0037(3.779)]

P = 127200/(2.779/0.0139823)

P = 127200/198.75127840198

P = $640

the expression (1.26)2t reveals the approximate rate of increases in the number of plants semiannually.

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