I need help on a Finite Math problem involving mortgage and annuity.

SoccerBoss
Category:
Mathematics
Price: $10 USD

Question description

My teacher won't help us on the problem. and im completely lost:

The Taggart family bought a house for $91,000. They paid $20,000 down and took out a 30‐year mortgage for the balance at 9%.  

a) Find their monthly payment. 

 b) How much of the first payment is interest? 

After 180 payments, the family sold their house for $136,000. They paid closing costs of $3700 plus 2.5% of the sale price.  

c) Estimate the current mortgage balance at the time of the sale.  

d) Find the total closing costs. 

 e) Find the amount of money they receive from the sale after paying off the mortgage

Tutor Answer

(Top Tutor) Daniel C.
(997)
School: UCLA
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