SOLUTION: Justin bought a house for 480 000. He paid a deposit of 150 000 and secured a loan for the outstanding amount. The yearly interest rate on the loan at the stage was 24% compounded
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Question 1075397: Justin bought a house for 480 000. He paid a deposit of 150 000 and secured a loan for the outstanding amount. The yearly interest rate on the loan at the stage was 24% compounded monthly, and the term was 20 years. Determine Justin's minimum monthly payment was. Found 2 solutions by jorel1380, MathTherapy:Answer by jorel1380(3719) (Show Source):
You can put this solution on YOUR website! The house was 480000, and Justin paid a deposit of 150000, leaving a balance of 330000. 20 years x 12 mths/yr=240 payments. So:
330000 x (1+.24/12)^240=
330000 x 115.88873515=38243282.60
38243282.60/240= monthly payments of $159347.01 ☺☺☺☺
You can put this solution on YOUR website! Justin bought a house for 480 000. He paid a deposit of 150 000 and secured a loan for the outstanding amount. The yearly interest rate on the loan at the stage was 24% compounded monthly, and the term was 20 years. Determine Justin's minimum monthly payment was.
This is a RIDICULOUSLY high interest rate. Nonetheless, the CORRECT ANSWER is:
