Answer:
Anissa's monthly mortgage payment will be $749.44.
Step-by-step explanation:
In this case we need to find the EMI - Equated Monthly Installments, Anissa has pay.
[tex]EMI=\frac{P\timesr\times(1+r)^{n}}{[(1+r)^{n}-1]}[/tex]
The Principal amount is, P = $125,000.
The interest rate is, r = 6% p.a. = 0.005 per month.
The number of periods is, n = 30 × 12 = 360
The monthly payment is:
[tex]EMI=\frac{P\times r\times(1+r)^{n}}{[(1+r)^{n}-1]}=\frac{125000\times 0.005\times(1+0.005)^{360}}{[(1+0.005)^{360}-1]}=\frac{3764.11}{5.023}= 749.4381\approx749.44[/tex]
Thus, Anissa's monthly mortgage payment will be $749.44.
