Word Problem: Mortgage Payment

SoccerBoss
Category:
Algebra
Price: $20 USD

Question description

Most of the time, a down payment is made when you purchase a house. This lowers the amount you need to borrow and therefore lowers your interest cost. Use the 2 home prices you started with and suppose you made a 10% down payment on each of them.

Re-write the 3 new amounts as your home prices and re-do the exercise above (beginning with writing the home prices, less then 10% down payment on each of them. Re-write the 2 new amounts as your home prices and re-do the exercise above. (beginning with writing the home prices, less the 10%, into your spreadsheet and use the same mortgage length and interest rates.) Then use mortgage payment calculator and continue all directions after that. 

Tutor Answer

(Top Tutor) Daniel C.
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School: UT Austin
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