Economics
posted by Gabby .
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?

$319,900  63,980 = ?

can you explain pmi?

http://www.bankrate.com/finance/mortgages/thebasicsofprivatemortgageinsurancepmi.aspx

Thanks

You're welcome.

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

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 
what is PRT?

Principal times Rate times Time

Where did you get the amountif $225,900?

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

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