document.write( "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. \n" ); document.write( "

Algebra.Com's Answer #748804 by Fombitz(32388) $\"\"$ $\"About$

You can put this solution on YOUR website!
So you need to finance $225000 at 6.5% for 15 years monthly.
\n" ); document.write( " $\"N=15%2A12=180\"$
\n" ); document.write( " $\"i=0.065%2F12=0.005417\"$
\n" ); document.write( " $\"P=225000\"$
\n" ); document.write( "So the monthly payment would be,
\n" ); document.write( " $\"X=%28P%2Ai%29%2F%281-%281%2Bi%29%5E%28-N%29%29\"$
\n" ); document.write( "Plug the values into the formula to get the answer.\r
\n" ); document.write( "\n" ); document.write( " \n" ); document.write( "

\n" );