Jordan is considering buying her first home. the house she is interested in buying is priced at 169,000. jordan qualifes for a 30-year mortgage at 5.95%. what will be her monthly mortgage payment

Use the formula of the present value of annuity ordinary
pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
Solve for pmt (monthly payment)
Pmt =pv÷[(1-(1+r/k)^(-kn))÷(r/k)]
Pmt=169,000÷((1−(1+0.0595÷12)^(
−12×30))÷(0.0595÷12))=1,007.81..Answer

Monthly payment is = $1006.75 approx

Step-by-step explanation:

The price or principle is = $169000

time or n = 30*12=360

rate = 5.95/12/100=0.00495

The EMI formula is given as:

Now putting the values in the formula we get,

Monthly payment is = $1006.75 approx

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