Can anyone make sense of the following: Monthly mortgage payment=(Principal Outs

Question

Can anyone make sense of the following: Monthly mortgage payment=(Principal Outstanding)/(PV ofAnnuity Factor for 240 months @.07965%) Principal Amt =1 045 000 =$1,045,000/(1-(1/1.007965)240)/.007965= $9,780.34 I keep putting this equation in my calculator but I do not getthe answer of $9780.34. Can anyone help? I willrate. Thx Can anyone make sense of the following: Monthly mortgage payment=(Principal Outstanding)/(PV ofAnnuity Factor for 240 months @.07965%) Principal Amt =1 045 000 =$1,045,000/(1-(1/1.007965)240)/.007965= $9,780.34 I keep putting this equation in my calculator but I do not getthe answer of $9780.34. Can anyone help? I willrate. Thx

Explanation / Answer

240 Months

-$1,045,000

Principal Amount $1,045,000.00 InterestRate 0.7965% Number ofPeriods

240 Months

Calculating Monthly Payment: UsingExcel PMT Function: Interest rate(Rate) 0.7965% Number of Periods(Nper) 240 Present Value(PV)

-$1,045,000

Monthly Payment $9,780.38

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