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You would like to borrow $500,000 to buy a home. The bank offers you a 30 year fully amortizing fixed rate mortgage with a 4% contract interest rate. What will your monthly payments be? (Round answer to 2 decimal places, express all payments as positive numbers).

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Answer:

The monthly payment is $28,915.05

Explanation:

Loan amount: $500,000

Loan tenor: 30 years

Loan rate: 4% pa (fixed)

We can use excel to calculate the monthly amortizing payment by formula PMT

= PMT(loan rate,loan tenor, loan amount) = PMT(4%,30,500000)=($28,915.05)

Please see excel attached for the calculation

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