You are thinking of purchasing a house. The house costs $ 200 000. You have $ 29 comma 000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 5 % per year. What will be your annual payment if you sign this mortgage?

$15,189.49

Explanation:

In order to determine the annual payment we have to use the PMT formula i.e to be shown in the attachment below:

Given that,  

Present value = $200,000 - $29,000 = $171,000

Future value = $0

Rate of interest = 5%

NPER = 30 years

The formula is shown below:

= PMT(Rate;NPER;-PV;FV;type)

The present value come in negative

So after applying the formula, the annual payment is $15,189.49

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