What is the monthly mortgage payment

Reference no: EM13304895

The family is applying for a $125,000, 30-year mortgage. Under the terms of the mortgage, they will receive $125,000 today to help purchase their home. The loan will be fully amortized over the next 30 years. Current mortgage rates are 8 percent. Interest is compounded monthly and all payments are due at the end of the month. What is the monthly mortgage payment?

Reference no: EM13304895

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