mackenzie burrows $300,000 from the bank on a 30 year mortgage she is given an interest rate of 5.125% apr how much will get monthly payment be in principal and interest?

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Business

Lance Parker

6 December, 00:23

mackenzie burrows $300,000 from the bank on a 30 year mortgage she is given an interest rate of 5.125% apr how much will get monthly payment be in principal and interest?

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Answers (1)

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Shea Crane · Answer 1

1633.46

Explanation:

If you borrow $300,000 at 6.500% for 30 years, your monthly payment will be $1,896.20.

The payments on a fixed-rate mortgage do not change over time. The loan amortizes over the repayment period, meaning the proportion of interest paid vs. principal repaid changes each month. As the loan amortizes, the amount of monthly interest paid decreases while the amount of principal repaid increases.