SOLUTION: You want to buy a $189,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
$
b) What w
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-> SOLUTION: You want to buy a $189,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
$
b) What w
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Question 1195629: You want to buy a $189,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be if the interest rate is 5%?
$
c) What will your monthly payments be if the interest rate is 6%?
$
You can put this solution on YOUR website! Down payment is $37,800
Amount financed is the difference or $152,200
at 5% the monthly interest is 0.05/12=0.004166667 round at end
P*0.05/12 (1.004166667)^360/(1.004166667)^360 minus 1
=$817.04
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at 6%
P(0.005)(1.005^360)/(1.005^360)- 1
=$912.52
