Answered

At Westonci.ca, we connect you with the answers you need, thanks to our active and informed community. Connect with a community of experts ready to help you find accurate solutions to your questions quickly and efficiently. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

albert tilman wishes to buy a house selling for $90,000. his credit union requires him to make a%15 down payment . the current mortage rate is 10.0% .Find the required down payment and the total monthly payment for a 30 year loan

Sagot :

kate200468
[tex]the\ current\ mortage\ rate\ is\ 10.0\%\\\\the\ value\ of\ mortgage\ is\ \$90,000+10\%\cdot\$90,000=\$99,000\\\\the\ required\ down\ payment\ 15\%:\\\\\ \ \rightarrow\ \ 15\%\ of\ \$99,000=0.15\cdot\$99,000=\$14,850\\\\ the\ total\ monthly\ payment\ for\ a\ 30\ year\ loan:\\\\ \frac{\big{\$99,000-\$14,850}}{\big{30\cdot12}} =\frac{\big{\$84,150}}{\big{30\cdot12}} =\$233.75[/tex]
Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.