a condo in Orange Beach Alabama listed for $1.4 million with 20% down and financing at 5% for 30 years. what would the monthly payment be

Answer 1

Monthly payment = (Loan amount * Interest rate) / (1 - (1 + Interest rate)^(-Loan term in months)))

Monthly payment = ($1,120,000 * 0.05) / (1 - (1 + 0.05)^(-30 * 12))

Monthly payment = $6,012.40

Excel. you can do it also using this formula:

PMT(annual rate/12, 30, -1120000)