SOLUTION: Clients are purchasing a home for 250,000. They make a $10,000 down payment. The terms of the loan are 4% for 30 years. Taxes on the home are $2400 yearly paid monthly. The annual

Algebra ->  Finance -> SOLUTION: Clients are purchasing a home for 250,000. They make a $10,000 down payment. The terms of the loan are 4% for 30 years. Taxes on the home are $2400 yearly paid monthly. The annual       Log On


   

Question 994102: Clients are purchasing a home for 250,000. They make a $10,000 down payment. The terms of the loan are 4% for 30 years. Taxes on the home are $2400 yearly paid monthly. The annual insurance is $300 paid monthly. What is the monthly payment on the loan?
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


The payment, , on a fully amortized loan of at an annual interest rate of (expressed as a decimal) compounded times per year for years is:



You need the payment for a $240,000 loan and then figure the tax and insurance payments to add on.

John

My calculator said it, I believe it, that settles it