SOLUTION: Find the monthly payment for the loan. (Round your answer to the nearest cent.)
A $110,000 home bought with a 20% down payment and the balance financed for 30 years at 10.5%
I
Algebra.Com
Question 849515: Find the monthly payment for the loan. (Round your answer to the nearest cent.)
A $110,000 home bought with a 20% down payment and the balance financed for 30 years at 10.5%
I got $270.11 but i don't think that is right.
Answer by swincher4391(1107) (Show Source): You can put this solution on YOUR website!
So we make 360 payments and we originally put down 22000 or another way to see this is:
110000*(1-.20) = 88000
Our effective rate of interest monthly is i = .105/12 = .00875
Let's let a = (1-(1+.00875)^-360) /(.00875) in more advanced circles, you'll recognize this as the PV of an annuity. (1-v^n)/i where v is the discount factor (1/(1+i))
a = 109.32
We take 88000/109.32 = 804.98
RELATED QUESTIONS
Find the monthly payment for the loan. (Round your answer to the nearest cent.)
A... (answered by reviewermath)
Find the monthly payment for the loan. (Round your answer to the nearest cent.)
A... (answered by Theo)
Find the monthly payment for the loan. (Round your answer to the nearest cent.)
A... (answered by ewatrrr)
Suppose that 10 years ago you bought a home for $110,000, paying 10% as a down payment,... (answered by Theo)
Jenelle bought a home for $470,000, paying 20% as a down payment, and financing the rest... (answered by Boreal)
Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment,... (answered by ikleyn,math_tutor2020)
Jenelle bought a home for $220,000, paying 24% as a down payment, and financing the rest... (answered by Theo)
Michael Sanchez purchased a condominium for $73,000. He made a 20% down payment and... (answered by Theo)
Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000.... (answered by CPhill)