Business, 04.03.2020 20:31 ishmael9332
Say that you purchase a house for $212,000 by getting a mortgage for $190,000 and paying a $22,000 down payment. If you get a 30-year mortgage with an interest rate of 8 percent, what are the monthly payments? What would the loan balance be in ten years?
Answers: 1
![Balance=Loan(1+r)^n-Payment\times \bigg[\dfrac{(1+r)^n-1}{r}\bigg]](/tpl/images/0533/7398/f53b5.png)
![Balance=\$190,000(1+(0.08/12))^{(10\times 12)}-\$1,394.15\times \bigg[\dfrac{(1+(0.08/12))^{(10\times 12)}-1}{(0.08/12)}\bigg]](/tpl/images/0533/7398/0b2b3.png)
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Say that you purchase a house for $212,000 by getting a mortgage for $190,000 and paying a $22,000 d...
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