math

Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 20% down. Assume that the monthly cost to finance $1,000 is $6.00. What are the monthly payments?

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  1. % Financed = 100% - 20% = 80%.

    Amt. Financed=0.80 * 450,000 = $360000.

    Monthly Payment=(360000/1000) * 6 = $2160.

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