SOLUTION: Suppose that 10 years ago you bought a home for $110,000, paying 10% as a down payment, and financing the rest at 8% interest for 30 years. Your existing mortgage (the one you g

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Question 1201274: Suppose that 10 years ago you bought a home for $110,000, paying 10% as a down payment, and financing the rest at 8% interest for 30 years.
Your existing mortgage (the one you got 10 years ago)
How much money did you pay as your down payment?
=11,000

How much money was your existing mortgage (loan) for?
=99,000

What is your current monthly payment on your existing mortgage?

Carry at least 4 decimal places during calculations, but round your final answer to the nearest cent.



Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
the current payment at the end of each month is equal to $726.4269281.
round to two decimal places to get $726.43.