# real estate

posted by .

Mile and Rosalyn borrow \$70,000 to purchase a home. If the monthly interest payment is \$787.50.
What is the rate of interest?

• real estate -

We can't tell because we don't know how long the mortgage is for.

## Similar Questions

1. ### financial management

suppose you purchase a home for \$150,000.and obtain a 90% mortgage loan, 30 yr. maturity, at a fixed annual interest rate of 80% with deferred monthly payments. What is the monthly payment for principal and interest on this loan?
2. ### Math

You wish to purchase a house for \$200,000 with 20% down. You will have it financed over 30 years at a rate of 8%. In addition, your yearly real estate tax is \$4,800 while your monthly insurance payment on the home will be \$30. What …
3. ### calculus

the monthly payment that amortizes a loan of A dollars in t yr when the interest rate is r per year, compounded monthly, is given by P=f(A,r,t) = Ar/ 12[1-(1+ r/12)^-12t ] Find the monthly payment for a home mortgage of 300,000 that …
4. ### Real Estate Finance

A \$100,000, 30 year fixed rate mortgage at 8% interest has monthly principal and interest payments of \$733.76. What is the loan balance after the first payment?
5. ### econ

You borrow \$20,000 from a bank to be repaid in monthly installments for 3 years at 9% interest compounded monthly. What is the portion of interest payment for the 18th payment?

Calculate the monthly mortgage payment for only the principal and interest. Purchase price = 150,000; down payment = 20%; interest rate = 4.5%; 20 year term
7. ### Math

Shantle and Kwamie are planning to buy their first home. Although they are excited about the prospect of being homeowners, they are also a little frightened. A mortgage payment for the next 30 years sounds like a huge commitment. They …