split level for 200,000 put down 30% assuming rate of 11 1/2% on 30-year mortgage, determine monthly payment.

Answer 1

P = (Po*r*t)/(1-(1+r)^-t).

Po = 0.7*200,000 = 140,000.

r = 0.115/12 = 0.009583/mo. = Monthly % rate.

t = 30yrs. * 12mo./yr. = 360 mo.

P = (140,000*0.009583*360)/(1-(1.009583)^-360) = 499,091.50.

M.P. = P/360.