Asked by Anonymous
Carlos and Max are buying a house. They have $24000 for a down payment. The house price is $150000. If the interest rate is 8.85% compounded monthly, determine the size of the monthly payments they must make over the next 25 years to pay off the house.
Express your answer rounded to the nearest cent!
Express your answer rounded to the nearest cent!
Answers
Answered by
Henry
P = (Po*r*t)/(1-(1+r)^-t).
Po = 150,000-24,000 = $126,000.
r = 8.65%/(12*100%) = 0.0072.
t = 25yrs. * 12mo./yr. = 300 mo.
Monthly Payments = P/t.
Po = 150,000-24,000 = $126,000.
r = 8.65%/(12*100%) = 0.0072.
t = 25yrs. * 12mo./yr. = 300 mo.
Monthly Payments = P/t.
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