Scott and Jen are looking at a house listed for 189000 dollars. They will qualify for a 6% interest rate if they have a 20% down payment. How much will the monthly payments be on a 15-year mortgage.I just don't understand what to do with the 20% down payment part please help me ASAP

To calculate the monthly payments on a mortgage, we'll need to consider the loan amount, interest rate, and loan term.

In this case, the house price is $189,000, and Scott and Jen will make a 20% down payment. To find the down payment amount, we can use the formula: down payment = house price * down payment percentage.

So, the down payment will be:
Down payment = $189,000 * 20% = $37,800.

Now, we need to calculate the loan amount. This is the difference between the house price and the down payment:
Loan amount = house price - down payment = $189,000 - $37,800 = $151,200.

Next, we'll need to determine the interest rate. In this case, they qualify for a 6% interest rate.

Lastly, we'll need to find the loan term, which is given as 15 years.

To calculate the monthly mortgage payments, we can use the following formula:
Monthly payment = loan amount * (interest rate/12) / (1 - (1 + interest rate/12)^(-loan term * 12)).

Now, let's plug in the values:
Loan amount = $151,200
Interest rate = 6% (or 0.06)
Loan term = 15 years (or 180 months)

Plugging in these values, the formula becomes:
Monthly payment = $151,200 * (0.06/12) / (1 - (1 + 0.06/12)^(-15 * 12)).

Calculating this equation will give us the monthly payment amount.

To calculate the monthly payments on a mortgage, you'll need to consider the loan amount, interest rate, and loan term, among other factors. In this case, since Scott and Jen qualify for a 6% interest rate with a 20% down payment, we can proceed as follows:

Step 1: Calculate the down payment
The house is listed for $189,000, and Scott and Jen are required to make a 20% down payment. So, the down payment amount would be 20% of $189,000, which is calculated as follows:
Down Payment = 0.20 * $189,000

Step 2: Calculate the loan amount
The loan amount is the difference between the house price and the down payment. So, we can calculate it by subtracting the down payment from the house price, as follows:
Loan Amount = $189,000 - Down Payment

Step 3: Convert the loan term to months
Since the mortgage term is given as 15 years, we need to convert it to months for the monthly payment calculation. There are 12 months in a year, so the loan term in months would be:
Loan Term (in months) = 15 years * 12 months/year

Step 4: Calculate the monthly interest rate
The interest rate given is 6% annually. To find the monthly interest rate, we divide it by 12 (months):
Monthly Interest Rate = 6% / 12

Step 5: Calculate the monthly payment
Now, we can use the loan amount, loan term, and monthly interest rate to calculate the monthly payment using the formula for the fixed monthly payment on a mortgage. The formula is:
Monthly Payment = Loan Amount * (Monthly Interest Rate / (1 - (1 + Monthly Interest Rate)^(-Loan Term)))

Using these calculations, you can now determine how much the monthly payments will be on a 15-year mortgage.
Good luck!

PLEASE HELP ME!!!!!!!!!!!!!!!! PLEASE!!!!!!!!!!!!!!!!!!! URGENT MATH PROBLEM!!!!!!

take 20% off the list price, assuming they paid it

leaving 170100

let the payment be P
i = .06/12 = .005
n = 15x12 = 180

170100 = P [ 1 - 1.005^-180]/.005
P = 1435.40