Friday
February 27, 2015

Homework Help: algebra

Posted by Caleb on Thursday, September 4, 2008 at 10:19pm.

How would you solve this math equation?
this is really confusing to me.

Ms.Martin was researching the costs of financing $125,000 for a home. She found that the monthly payment for a 6.875% loan for 30 years would be $821.16 per month. She found that the monthly payment for a 6.875% loan for 20 years would be $959.77 per month.

1. Write and solve an equation to find the amount of interest she would pay altogether for the 30-year loan.
2. Write and solve an equation to find the amount of interest she would pay altogether for the 20-year loan.
3. For which loan would she pay less interest? How much would she save with that loan?
4. A loan officer tells Ms. Marin that her payment should be no more than 25% of her gross monthly income (income before taxes). How much must Ms. Martin gross yearly salary be in order to borrow $125,000 for each loan?

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

business math - financing furniture that costs $4200.00 with a two year ...
Math - 4. Vanna has just financed the purchase of a home for $200 000. She ...
Math - 4. Find the monthly payment for the loan. (Round your answer to the ...
Math - Shantle and Kwamie are planning to buy their first home. Although they ...
Maths Check - Can Please someone check as per below I posted this yesterday and ...
Math - A buyer is paying a reduced $500 in closing costs on a home with a sale ...
math - A couple purchasing a home budget $1700 per month for their loan payment...
Algebra: Statistics - Five years ago, you bought a house for $151,000, with a ...
Financing - A. How much might a home buyer expect to pay in closing costs on a $...
math plz help me - A couple purchasing a home budget $1700 per month for their ...

Members