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

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.
School: UCLA
Studypool has helped 1,244,100 students
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1830 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors