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Re-submitting algebra word problem

label Algebra
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Find the monthly payment for the loan. (Round answer to the nearest cent.)

A $116,000 home bought with a 20% down payment and the balance financed for 30 years at 7.5%
Nov 26th, 2014

With 20% down payment the total loan is 

116000×80%=92800

So for 30 years the total payment should be

92800×(1+7.5%)×30

So the monthly payment would be

92800×1.075×30/30/12=8313.33

Nov 26th, 2014

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