Help with Algebra QuestionC

label Algebra
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schedule 1 Day
account_balance_wallet $5

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

A $110,000 home bought with a 20% down payment and the balance financed for 30 years at 7.5%

Dec 12th, 2014

The borrowed money=11000x(1-20%)=8800 dollars

So for 30 years the total interest=8800x7.5%x30=19800 dollars

So total payment=19800+8800=28600 dollars

Therefore monthly payment=28600/30/12=79.44 dollars


Dec 12th, 2014

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Dec 12th, 2014
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