algebra

Find the monthly payment for the loan. (Round your answer to the nearest cent.)

A $118,000 home bought with a 20% down payment and the balance financed for 30 years at 9.5%

Thank you it is greatly appreciated.

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  1. balance on home = .08(118,000) = $94,400

    i = .095/12 = .00791666...
    n = 30(12) = 360

    paym( 1 - 1.00791666..^-360)/.00791666.. = 94400
    payment = $793.77

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    posted by Reiny
  2. thank you for your help.

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