Asked by Phoebe

Scott and Jen are looking at a house listed for 189000 dollars. They will qualify for a 6% interest rate if they have a 20% down payment. How much will the monthly payments be on a 15-year mortgage.I just don't understand what to do with the 20% down payment part please help me ASAP
Answered by Phoebe
PLEASE HELP ME!!!!!!!!!!!!!!!! PLEASE!!!!!!!!!!!!!!!!!!! URGENT MATH PROBLEM!!!!!!
Answered by Reiny
take 20% off the list price, assuming they paid it
leaving 170100

let the payment be P
i = .06/12 = .005
n = 15x12 = 180

170100 = P [ 1 - 1.005^-180]/.005
P = 1435.40
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