Asked by Gabby

I am doing a housing project for econimics class. I am buying a house that costs $319,900.00. I have to put 20% down which is $63,980.00. This is so I don't have to pay PMI. How much do I have to borrow?
Answered by Ms. Sue
$319,900 - 63,980 = ?
Answered by Gabby
can you explain pmi?
Answered by Ms. Sue
http://www.bankrate.com/finance/mortgages/the-basics-of-private-mortgage-insurance-pmi.aspx
Answered by Gabby
Thanks
Answered by Ms. Sue
You're welcome.
Answered by Gabby
What would my monthly payment be on my loan ($255,920.00) if I pay for 25 years at 6.5%?
Answered by Ms. Sue
I = PRT
I = 225,900 * 0.065 * 25

I = 367,087.50

367,087.50 + 255,920.00 = 623,007.5

623,007.5 / 300 months = $2,076.69 per month

Answered by Gabby
what is PRT?
Answered by Ms. Sue
Principal times Rate times Time

Answered by Gabby
Where did you get the amountif $225,900?
Answered by Gabby
Where did you get the principal amount which is 225,900?
Answered by Gabby
Where did you get the principal amount which is 225,900?