Algebra

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A $130,000 home bought with a 20% down payment and the balance financed for 30 years at 7.5% Find the monthly payment for the loan

  • Algebra -

    remaining mortgage = 13000(.8) = 104000

    monthly rate = i = .075/12 = .00625
    let the monthly payment be P

    P( 1 - 1.00625^-360)/.00625 = 104000

    you do the button pushing ($727.18)

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