Asked by cj
                suppose you purchase a home for $150,000.and obtain a 90% mortgage loan, 30 yr. maturity, at a fixed annual interest rate of 80% with deferred monthly payments. What is  the monthly payment for principal and interest on this loan?
            
            
        Answers
                    Answered by
            Ms. Sue
            
    Whoa!  I think your 80% interest rate is wrong.  Please recheck your figures.
    
                    Answered by
            cj
            
    sorry it is supposed to be 8.0% fixed interest rate.
    
                    Answered by
            Ms. Sue
            
    Ahh -- that's better.  :-)
First you need to find the amount of the mortgage by multiplying $150,000 by .9.
Your teacher may want you to use a mathematical formula to calculate the monthly payments. But you can check your work by plugging your numbers into this site.
http://www.bankrate.com/brm/mortgage-calculator.asp
    
First you need to find the amount of the mortgage by multiplying $150,000 by .9.
Your teacher may want you to use a mathematical formula to calculate the monthly payments. But you can check your work by plugging your numbers into this site.
http://www.bankrate.com/brm/mortgage-calculator.asp
                    Answered by
            Anonymous
            
    $29678
    
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