SOLUTION: if You want to buy a $240,000 home. You plan to pay 5% as a down payment, and take out a 30 year fixed loan for the rest.
Round all answers to the nearest cent as needed.
a) H
Algebra.Com
Question 1089252: if You want to buy a $240,000 home. You plan to pay 5% as a down payment, and take out a 30 year fixed loan for the rest.
Round all answers to the nearest cent as needed.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be if the interest rate is 4.9%?
$
c) What will your monthly payments be if the interest rate is 5.9%?
$
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
a. 95% of the price
b. and c. ^{-nt}\])
Where 
is the amount financed, that is the price of the house minus the down payment. 
is the interest per period, that is the Annual Percentage Rate (APR) divided by the number of compounding periods in a year. In the case of monthly payments, 
. And 
is the number of years in the loan term; 30 in this case.
Plug in your values and do the arithmetic.
John
My calculator said it, I believe it, that settles it
RELATED QUESTIONS
You want to buy a $224,000 home. You plan to pay 10% as a down payment, and take out a 30 (answered by Boreal)
you want to buy a $205,000 home you plan to pay 15% as a down payment, and take out a... (answered by MathLover1)
You want to buy a $189,000 home. You plan to pay 20% as a down payment, and take out a 30 (answered by Boreal)
You want to buy a $228,000 home. You plan to pay 20% as a down payment, and take out a 30 (answered by ikleyn)
10. You want to buy a $171,000 home. You plan to pay 15% as a down payment, and take out... (answered by solver91311)
You want to buy a $238,000 home. You plan to pay 5% as a down payment, and take out a 30... (answered by math_tutor2020)
You want to buy a $233,000 home. You plan to pay 20% as a down payment, and take out a 30 (answered by Theo)
You want to buy a $250,000 home. You plan to pay 20% as a down payment, and take out a 30 (answered by math_tutor2020)
You want to buy a 221,000 home. You plan to pay a 15% down payment, and take out a 30... (answered by Theo,MathTherapy)