Paul has just purchased a $1.250.000 home and made a $400,000 down payment the balance can be amortized at 3% for 30 years what are the monthly payments? (5 marks) tay

The monthly payment is $3583.63 ( approx )

Step-by-step explanation:

Given,

The total cost of the home = $1,250,000

There is a downpayment of $400,000,

Thus, the present value of the loan, PV =  1250000 - 400,000 = $ 850,000

Annual rate = 3 % = 0.03,

So, the monthly rate, r =

And, time ( in years ) = 30

So, the number of months, n = 12 × 30 = 360

Hence, the monthly payment of the loan,

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step-by-step explanation:

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