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

Po = 450,000  0.2*450,00 = $360,000.
Monthly=(360,000/1000) * 6.00 = $2160.