You purchase a house for $65,000. You get a thirty year, fixed rate, 75% LTV mortgage at 4%. What is the monthly payment?

(The answer will be posted with the new calculator problem in 2 weeks. Or if you can’t wait that long, you can go to http://www.facebook.com/pages/Gary-Johnston-Seminars/111368472221424 for the answer.)

Answer to 01/02/2012 problem:

(N=120,PV= -10,021.57,PMT=0,FV=12,217.56) I=1.98%