OK... So I have a math problem I have been struggling with for literally 4 days. Maybe SOMEONE can help!!!
The price of a home is $80,000. The bank requires a 10% down payment. The cost of the home is financed with a 15 year fixed-rate mortgage at 4%. Find the monthly payment.
I know the down payment is $8,000, which leaves $72,000 to be mortgaged/financed. 4 % interest becomes .04.
It is a monthly payment over 15 years, so that means there is a total of 180 payments (12 x 15)
Problem is, in working everything out, I get $416 as the monthly payment, the answer though is $532.58 (it is in the back of the book, I just have to "show my work for credit" .
Can anyone help me??
Thank you so much!!!!
Mel
The price of a home is $80,000. The bank requires a 10% down payment. The cost of the home is financed with a 15 year fixed-rate mortgage at 4%. Find the monthly payment.
I know the down payment is $8,000, which leaves $72,000 to be mortgaged/financed. 4 % interest becomes .04.
It is a monthly payment over 15 years, so that means there is a total of 180 payments (12 x 15)
Problem is, in working everything out, I get $416 as the monthly payment, the answer though is $532.58 (it is in the back of the book, I just have to "show my work for credit" .
Can anyone help me??
Thank you so much!!!!
Mel