Mathematics, 16.04.2021 19:30 mercydiaz84

Mila is looking to take out a mortgage for \$730,000$730,000 from a bank offering a monthly interest rate of 0.325%. Using the formula below, determine her monthly payment, to the nearest dollar, if the loan is taken over 20 years. M=\frac{Pr(1+r)^n}{(1+r)^n-1}
M=
(1+r)
n
−1
Pr(1+r)
n

M=M= the monthly payment
P=P= the amount borrowed
r=r= the interest rate per month
n=n= the number of payments

Answers: 1

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Mila is looking to take out a mortgage for \$730,000$730,000 from a bank offering a monthly interest...