Homework Help: math

Posted by Anonymous on Thursday, September 8, 2011 at 11:24am.

Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 20% down. Assume that the monthly cost to finance $1,000 is $6.00. What are the monthly payments?

math - Henry, Saturday, September 10, 2011 at 7:26pm
% Financed = 100% - 20% = 80%.

Amt. Financed=0.80 * 450,000 = $360000.

Monthly Payment=(360000/1000) * 6 = $2160.

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