John buys a house for 70000 and makes a down payment of 15000. The mortgage payment is 11.01 per thousand of the loan amount. What is his monthly payments.

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asked May 19, 2018 49.3k views

3 votes

John buys a house for 70000 and makes a down payment of 15000. The mortgage payment is 11.01 per thousand of the loan amount. What is his monthly payments.

Mathematics
high-school

Ewe Tek Min asked

by Ewe Tek Min

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1 Answer

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70,000−15,000
=55,000
number of thousands
55,000÷1,000
=55
Monthly payment
55×11.01
=605.55

Seon answered May 22, 2018

by Seon

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