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financial management

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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?

  • financial management - ,

    Whoa! I think your 80% interest rate is wrong. Please recheck your figures.

  • financial management - ,

    sorry it is supposed to be 8.0% fixed interest rate.

  • financial management - ,

    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

  • financial management - ,

    $29678

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