SOLUTION: Suppose that 10 years ago you bought a home for $110,000, paying 10% as a down payment, and financing the rest at 8% interest for 30 years.
Your existing mortgage (the one you g
Algebra.Com
Question 1201274: Suppose that 10 years ago you bought a home for $110,000, paying 10% as a down payment, and financing the rest at 8% interest for 30 years.
Your existing mortgage (the one you got 10 years ago)
How much money did you pay as your down payment?
=11,000
How much money was your existing mortgage (loan) for?
=99,000
What is your current monthly payment on your existing mortgage?
Carry at least 4 decimal places during calculations, but round your final answer to the nearest cent.
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
the current payment at the end of each month is equal to $726.4269281.
round to two decimal places to get $726.43.
RELATED QUESTIONS
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 $470,000, paying 20% as a down payment, and financing the rest... (answered by Boreal)
Jenelle bought a home for $220,000, paying 24% as a down payment, and financing the rest... (answered by Theo)
you bought a house for $160,000. paying 10% down and financing the rest at 8% interest... (answered by rfer)
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)
Lynn bought a $300,000 house, paying 10% down, and financing the rest at 6% interest for... (answered by josmiceli,MathTherapy)
Martha brought a $500,000.00 house, paying 10% down, and financing the rest at 5%... (answered by addingup)
Fifteen years ago a couple purchased a house for $150,000.00 by paying a 20% down payment (answered by ikleyn)
Roberto bought a $190,000 house, paying 16% down, and financing the rest at 5% interest... (answered by Boreal,MathTherapy)