Posted by **Phoebe** on Wednesday, April 17, 2013 at 9:54pm.

Scott and Jen are looking at a house listed for 189000 dollars. They will qualify for a 6% interest rate if they have a 20% down payment. How much will the monthly payments be on a 15-year mortgage.I just don't understand what to do with the 20% down payment part please help me ASAP

- math -
**Phoebe**, Wednesday, April 17, 2013 at 10:15pm
PLEASE HELP ME!!!!!!!!!!!!!!!! PLEASE!!!!!!!!!!!!!!!!!!! URGENT MATH PROBLEM!!!!!!

- math -
**Reiny**, Wednesday, April 17, 2013 at 11:04pm
take 20% off the list price, assuming they paid it

leaving 170100

let the payment be P

i = .06/12 = .005

n = 15x12 = 180

170100 = P [ 1 - 1.005^-180]/.005

P = 1435.40

## Answer this Question

## Related Questions

- Finance - Dave takes out a 30-year mortgage of 200000 dollars for his new house...
- Math Finance please help - Five years ago, you bought a house for $151,000. You ...
- Finance - Five years ago, you bought a house for $151,000. You had a down ...
- math - Ever wonder how much a house “actually” costs? Consider Alex and Sabrina ...
- MATH - Five years ago, you bought a house for $151,000, with a down payment of $...
- math - OMG I CAN NOT get this !!!! Purchase price of article = $495 Down payment...
- Finance - Rob and laura wish to buy a new home. The price is $187,500 and they ...
- math help please - Sue Stitch buys a sewing machine. The price, including tax...
- mathematics - The monthly loan payment was calculated at 119 payments of $330.38...
- Algebra - Suppose A is the amount borrowed, r is the interest rate (in decimal ...

More Related Questions