Thursday

March 26, 2015

March 26, 2015

Posted by **Pascal** on Thursday, May 26, 2011 at 1:23am.

- business math -
**Reiny**, Thursday, May 26, 2011 at 7:28amI am sure you can count days on a calendar just as well as I can.

- business math -
**ivet**, Monday, June 20, 2011 at 12:13pmBen and Mal Scott plan to buy a home for $272,900. They will make a 10% down payment, and qualify for a 25-year, 7% mortgage loan.

a. What is the amount of their monthly payment?

b. how much interest will they pay over the life of the loan?

- business math -
**M**, Thursday, March 5, 2015 at 8:53pm1. Find down payment.272900* 0.1.

2. Hence Future value = (272900 - down payment).

3. Use I = 0.07, n= 25 and apply future value formula to get PMT.

FV = PMT ((1+ i)^n -1)

---------------

i

To get interest, PMT * 25 - FV.

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