Answered

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You want to buy a $193,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan for the rest.

Sagot :

mrbrokenprince26

Answer:

Down Payment = 5% of 168,000. You finance 95% of 168,000 which is the PV of your payments.

Use the same annuity formula as in your student loan question with monthly rate = 7%/12 and t=12*30 =360 months. That will give you your payment amount.

you will make 360 payments so total Payments = 360*pmt. Total Payments less principal = total interest paid.

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