Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. you plan to purchase a home for $140,000. you make

You plan to purchase a home for $140,000. You make a down payment of $32,000...

70.2K

Verified Solution

Question

Accounting

You plan to purchase a home for $140,000. You make a down payment of $32,000 and take a loan for the other $108,000. Interest is accrued monthly and your payment is also monthly. The interest charged is .25% monthly (Typically worded 3% annually with monthly payments) How much is your monthly payment if the loan is for 20 years? How much is your payment if the loan is for 30 years?
image
You plan to purchase a home for $140,000. You make a down payment of $32,000 and take a loan for the other $108,000. Interest is accrued monthly and your payment is also monthly. The interest charged is 25% monthly (Typically worded 3% amually with monthly payments) How much is your monthly payment if the loan is for 20 years? How much is your payment if the loan is for 30 years

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students