document.write( "Question 1204718: Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and financing the rest at 8% interest for 30 years. How much money did you pay as your down payment?
\n" ); document.write( "How much money was your existing mortgage (loan) for?
\n" ); document.write( "What is your current monthly payment on your existing mortgage?Carry at least 4
\n" ); document.write( "decimal places during calculations, but round your final answer to the nearest cent.
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Algebra.Com's Answer #841161 by ikleyn(52778) $\"\"$ $\"About$

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\n" ); document.write( "Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment,
\n" ); document.write( "and financing the rest at 8% interest for 30 years. How much money did you pay as your down payment?
\n" ); document.write( "(a) How much money was your existing mortgage (loan) for?
\n" ); document.write( "(a) What is your current monthly payment on your existing mortgage?Carry at least 4
\n" ); document.write( "decimal places during calculations, but round your final answer to the nearest cent.
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document.write( "(a)  Down payment was 10$ of $150,000, or $15,000.     ANSWER to question (a)\r\n" );
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document.write( "(b) The loaned amount was  $150,000 - $15,000 = $135,000.\r\n" );
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document.write( "    To find monthly payment P, use the standard formula\r\n" );
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document.write( "        P = \r\n" );
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document.write( "    where L is the loan amount; \r\n" );
document.write( "    r is the nominal interest rate per month as a decimal; \r\n" );
document.write( "    n is the number of months (the number of equal monthly payments).\r\n" );
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document.write( "In this problem\r\n" );
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document.write( "    L = $135,000;  \r\n" );
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document.write( "    r = 0.08/12;\r\n" );
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document.write( "    n = 30*12 = 360 months.\r\n" );
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document.write( "The calculations are here\r\n" );
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document.write( "    P =  = 990.58 dollars.   ANSWER to question (b)\r\n" );
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document.write( "You may check these calculations using online calculators\r\n" );
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document.write( "https://www.calculator.net/loan-calculator.html\r\n" );
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document.write( "    or\r\n" );
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document.write( "https://www.calculatorsoup.com/calculators/financial/loan-calculator.php\r\n" );
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