SOLUTION: Some friends tell you that they paid $31,248 down on a new house and are to pay $746 per month for 15 years. If interest is 6.6% compounded monthly, what was the selling price of t
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Question 1098767: Some friends tell you that they paid $31,248 down on a new house and are to pay $746 per month for 15 years. If interest is 6.6% compounded monthly, what was the selling price of the house? How much will they pay in 15 years?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
months total
= interest plus
principal paid over 180 months
--------------------------------
---------------------
------------------------
Principal + down payment =
The selling price was $67,209.50
-----------------------------------
In 15 yrs, they pay $134,280
------------------------------
check the math and get
a 2nd opinion if needed
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