Question

Albert Tilman wishes to buy a house selling for $80,000. His credit union requires him to make a 10% down payment. The currentmortgage rate is 11.0%. Find the required down payment and the total monthly payment for a 30-year loan.Find the required down payment.Monthly

Answer 1

Answer:

The total monthly payment is $222

Step-by-step explanation:

The current mortgage rate is 11%

The value of mortgage is $80,000 + 11% of $80,000

= $88,800

The required down payment is 10%

10% of $88,800 = $8,880

The total monthly payment for the 30 year period is:

`(88,800-8,880)/(30*12)=222`

The total monthly payment is $222