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The Jones family is buying a new house at the price of $165,000. They will finance...

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Basic Math

The Jones family is buying a new house at the price of $165,000.They will finance it with a twenty-year mortgage that has aninterest rate of 8%.

(a)Assuming that the family can make a $39,000 down payment,what will their monthly mortgage payment be?

(b)If the family could increase the down payment by $10,000,thenhow much would their monthly mortgage payment be?

(c)In total, how much money can the family save by making thelarger down payment

Answer & Explanation Solved by verified expert
4.4 Ratings (883 Votes)
equation to find monthly payment of a loan ishere P is amount borrowed from loan r is rate of interest indecimal per month if Apr is given then    See Answer
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