SOLUTION: You buy a house for $285,000. You put $60,000 down and take out a mortgage at 6.5% on the balance. Find your monthly payment if the length of the mortgage is 15 years.

Question 1132008: You buy a house for $285,000. You put $60,000 down and take out a mortgage at 6.5% on the balance. Find your monthly payment if the length of the mortgage is 15 years.
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
So you need to finance $225000 at 6.5% for 15 years monthly.

So the monthly payment would be,

Plug the values into the formula to get the answer.

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