Gina S.

asked • 12/05/14

Find the selling price of a house when you have payment, term, and rate

Payments are $1,724.36 at the end of each month.  30 year mortgage.  4% annual interest rate, compounded monthly.  What is the beginning loan amount?    Not sure what formula to use here.

1 Expert Answer

By:

Philip P. answered • 12/05/14

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Gina S.

Thank you!   The amount of interest seems really high for a starting amount of $187k.  Is it because the interest is compounded monthly?
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12/05/14

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