Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 40% down. Assume that the monthly cost to finance $1,000 is $6.00. What are the monthly payments?

Question

Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 40% down. Assume that the monthly cost to finance $1,000 is $6.00. What are the monthly payments?
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Henry · Answer

Amt. Financed=450000-0.4*450000=$270000. Cost = 6 * (270000/1000) = $1620/mo.