# Economics

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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 -

\$319,900 - 63,980 = ?

• Economics -

can you explain pmi?

• Economics -

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

• Economics -

Thanks

• Economics -

You're welcome.

• Economics -

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

• Economics -

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 -

what is PRT?

• Economics -

Principal times Rate times Time

• Economics -

Where did you get the amountif \$225,900?

• Economics -

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

• Economics -

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

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