Homework Help: algebra with application

Posted by Anonymous on Sunday, November 27, 2011 at 2:37pm.

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?

algebra with application - Henry, Sunday, November 27, 2011 at 7:54pm
Po = 450,000 - 0.2*450,00 = $360,000.

Monthly=(360,000/1000) * 6.00 = $2160.

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