What is the monthly payment on a $110,000 mortgage? assume a standard 30-year, 5.4% mortgage with monthly payments.
Answer: The monthly payment on a $110,000 mortgage is $617.68.
Explanation: The Monthly payments, PMT on the mortgage can be determined using a Financial Calculator as follows :
Pv = $110,000
n = 30 × 12 = 360
r = 5.4 %
P/yr = 12
Fv = $ 0
PMT = ?
Using a Financial Calculator, the Monthly payments, PMT on the mortgage is $617.68