document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1136709>Question 1136709</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Felix is purchasing a brownstone townhouse for ​$2,900,000. To obtain the​ mortgage, Felix is required to make a 19​% down payment. Felix obtains a 25​-year mortgage with an interest rate of 5.5​%.<BR>\n" );
document.write( "​a) Determine the amount of the required down payment.<BR>\n" );
document.write( "​b) Determine the amount of the mortgage. <BR>\n" );
document.write( "​c) Determine the monthly payment for principal and interest. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #754564 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=754564\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> down payment is 2900000*0.19=$551,000<BR>\n" );
document.write( "mortgage is 2900000-551000=2349000<BR>\n" );
document.write( "monthly payment=mortgage(1+r/n)^300(r/n)/{[1+(r/n)]^300-1}, the 300 is number of months in 25 years <BR>\n" );
document.write( "round at end <BR>\n" );
document.write( "1+r/n=1.04583<BR>\n" );
document.write( "This will yield $14424.92 a month monthly payment\r<BR>\n" );
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document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );