Question
Aaron Grider buys a home for $120500. After a 15% downpayment, the rest is financed at 8% interest for 9 years. What equal quarterly payments will be required to amortize this mortgage loan?
What is the total amount of interest Aaron will pay on the loan?
I subtracted the 15% down payment from the total purchase price.
$120500.00-$18075.00=$102425.00 which becomes the purchase amount I now work with. So, I work the original problem using $102425.00 at 8% for 9 years. Yes, No?
What is the total amount of interest Aaron will pay on the loan?
I subtracted the 15% down payment from the total purchase price.
$120500.00-$18075.00=$102425.00 which becomes the purchase amount I now work with. So, I work the original problem using $102425.00 at 8% for 9 years. Yes, No?