Math 123 Mortgages with excel

label Business & Finance
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schedule 1 Day
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1. Your classmate tells you the details of the great deal he got on his mortgage:  30-year 3.5% fixed rate with a 10% down payment. 

 

a. If his new home costs $136,000, what is his down payment?

B. How much is he going to borrow to buy the house (assuming he only has the money to make the down payment from part a)?


Apr 12th, 2015

a) His down payment is 10% of $136,000 = $13,600.

b) He is going to borrow the rest, that is, $136,000 - $13,600 = $122,400.

Apr 12th, 2015

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Apr 12th, 2015
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Apr 12th, 2015
Jun 25th, 2017
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