Mortgage Calculator

Monthly Payment Calculation

Prev Question Next Question

Question

If you buy a house costing $120,000 and pay for it over 30 years, what is your monthly payment, if your loan's interest rate is 7% per year, compounded monthly and the first payment is due next month?

Answers

Explanations

Click on the arrows to vote for the correct answer

A. B. C. D. E.

C

On the BAII Plus, press 360 N, 7 divide 12 = I/Y, 120000 PV, 0 FV, CPT PMT. On the HP12C, press 360 n, 7 ENTER 12 divide i, 120000 PV, 0 FV, PMT. Note that the answer will be displayed as a negative number. Make sure the BAII Plus has the value of P/Y set to 1.