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Help with solving algebra problem (last question for today)

Algebra
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Find the monthly payment for the loan. (round to the nearest cent.)

A $120,000 home bought with a 20% down payment and the balance financed for 30 years at 8.5%

Nov 24th, 2014

Using the above formula.

r= 8.5% per year = 8.5/12/100 per month. = 0.007083
n= 30*12 = 360
Loan amount P = $120000 - Down payment = 120000 - 20% of 120000 = 120000 - 24000 = $96000

On solving you get,
 monthly payment A = $ 738.13 (answer)

Please best my answer if helpful. Thanks :)


Nov 24th, 2014

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