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Posted by on Wednesday, March 13, 2013 at 1:10pm.

I am doing a housing project for econimics class. I am buying a house that costs $319,900.00. I have to put 20% down which is $63,980.00. This is so I don't have to pay PMI. How much do I have to borrow?

  • Economics - , Wednesday, March 13, 2013 at 1:15pm

    $319,900 - 63,980 = ?

  • Economics - , Wednesday, March 13, 2013 at 1:18pm

    can you explain pmi?

  • Economics - , Wednesday, March 13, 2013 at 1:19pm

    http://www.bankrate.com/finance/mortgages/the-basics-of-private-mortgage-insurance-pmi.aspx

  • Economics - , Wednesday, March 13, 2013 at 1:30pm

    Thanks

  • Economics - , Wednesday, March 13, 2013 at 1:33pm

    You're welcome.

  • Economics - , Wednesday, March 13, 2013 at 1:34pm

    What would my monthly payment be on my loan ($255,920.00) if I pay for 25 years at 6.5%?

  • Economics - , Wednesday, March 13, 2013 at 1:50pm

    I = PRT
    I = 225,900 * 0.065 * 25

    I = 367,087.50

    367,087.50 + 255,920.00 = 623,007.5

    623,007.5 / 300 months = $2,076.69 per month

  • Economics - , Wednesday, March 13, 2013 at 1:57pm

    what is PRT?

  • Economics - , Wednesday, March 13, 2013 at 2:12pm

    Principal times Rate times Time

  • Economics - , Thursday, March 14, 2013 at 3:29pm

    Where did you get the amountif $225,900?

  • Economics - , Thursday, March 14, 2013 at 3:31pm

    Where did you get the principal amount which is 225,900?

  • Economics - , Friday, March 15, 2013 at 10:38am

    Where did you get the principal amount which is 225,900?

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