Use PMT  P(r/n) / (1- (1+r/n)-nt to determine regular pymt amt, rounded to nearest dollar. Home cost $209,000, bank requires 20% down pymt and 3pts at closing. The cost of the home is financed for 30-year fixed rate at 9.5%. P=$209,000 - $41,800 = $167,200 Down Pymt= $41800 Rate= 9.5% or 0.095 Time = 30 years fixed Points= 3 or 0.03 (167200*0.03=5106) N=12 167200(0.095/12) = 1323.666666666667 divided by: (1-(1+0.095/12)-12(30) = -360 (1-(1.007916666666667)-360 = 17.09486179680438 1-17.09486179680438 = -16.09486179680438 1323.6666666667 / -16.09486179680438 (this is the one I am having trouble calculating on my calculator) Please help me understand what I'm doing wrong on the bottom calculation.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Use PMT  P(r/n) / (1- (1+r/n)-nt to determine regular pymt amt, rounded to nearest dollar. Home cost $209,000, bank requires 20% down pymt and 3pts at closing. The cost of the home is financed for 30-year fixed rate at 9.5%.

P=$209,000 - $41,800 = $167,200

Down Pymt= $41800

Rate= 9.5% or 0.095

Time = 30 years fixed

Points= 3 or 0.03 (167200*0.03=5106)

N=12

167200(0.095/12) = 1323.666666666667

divided by: (1-(1+0.095/12)-12(30) = -360

(1-(1.007916666666667)-360 = 17.09486179680438

1-17.09486179680438 = -16.09486179680438

1323.6666666667 / -16.09486179680438 (this is the one I am having trouble calculating on my calculator)

Please help me understand what I'm doing wrong on the bottom calculation.

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