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Roger has found a home to be purchase for $120,372 and has agreed to pay 28% down. Find the amount of Roger's down payment. Find the amount of money that Roger would need to borrow through a mortgage in order to purchase the home.

If Roger found a 30 year mortgage with a 5.9% APR. Find Roger's monthly payment. Using the monthly payment how much did Roger pay over the life of the mortgage?

Round your answer to the nearest cent.

Sagot :

madethisfortwitch1

Answer:

He needs to borrow: 86667.84

His monthly payment would be: 514.06

He would pay a total of: 185061.6 over the life of the loan

Step-by-step explanation:

roger would need to borrow .72*120372= 86667.84

2.)

calculate the effective rate .059/12= .004916667

[tex]86667.84=x\frac{1-(1+.004916667)^{-30*12}}{.004916667}\\x=514.0585984[/tex]

which we round to 514.06

3.) he is going to pay a total of 514.06*30*12= 185061.6 over the life of the loan

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