Question

Kendall is buying a home for $119,000. She is making a 12% down payment and financing the rest with a 20-year loan at a 4.5% interest. What is her monthly mortgage payment?

Answer 1

$455.97

Explanation:

119000 × 0.12 = 14280

119000 - 14280 = 104720

104720 × 1.045 = 109432.4

109432.4/(20×12)

109432.4/240

455.97 a month

Answer 2

$662.46

Explanation: