If I have a 30-year mortgage for $300,000 with an interest rate of 4%, what will my monthly mortgage payment be?
To calculate your monthly mortgage payment, you can use a mortgage calculator. For a 30-year mortgage of $300,000 with a 4% interest rate, your monthly mortgage payment would be approximately $1,432.25.
Your monthly mortgage payment would be $1,432.25. This is calculated using the following formula:
PMT = P/r(1+r)^n
Where:
PMT = monthly payment P = principal amount r = interest rate n = number of payments
In this case, P = $300,000, r = 0.04, and n = 360. So, the monthly payment is:
PMT = $300,000/0.04(1+0.04)^360 = $1,432.25
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