You want to buy a $244,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 5.5% interest for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be?

1 answer
Question:

You want to buy a $244,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 5.5% interest for the rest.
a) How much is the loan amount going to be?
b) What will your monthly payments be?

Answers

Hi therea)244,000−244,000×0.20=195,200b) pmt=pv÷[(1-(1+r/k)^(-kn))÷(r/k)]Pmt=195,200÷((1−(1+0.055÷12)^(−12×30))÷(0.055÷12))=1,108.32Hope it helps

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