What is the monthly payment?

David buys a home. he needs 120 000 mortgage. The bank offers a 25 year mortgage at 6.4%

Suppose after the first five years the rate changes to 7.84 what would David%26#039;s monthly payment be.

I found the monthly payment when for the total years when it is 6.4 throughout and it was $796.53 and i used the present value formula, but then since the rate changes, i don%26#039;t know how i am supposed to solved this

What is the monthly payment?unemployment rate

120,000

- 47791.8 (796.53monthly * 5 years)

= 72208.2 (remaining balance)

@ 7.84%

$ 596.81 /month

.

What is the monthly payment?

loan

Ahah K,

We won%26#039;t do your homework for you, but will provide you with a link to help you out ...

Go to http://www.hsh.com/calc-amort.html %26amp; put in your numbers.