Question

You plan to buy a house in July 2019. The sale price is $350,000. You need to pay 20% down payments and borrow additional 80% from Wells Fargo with a traditional 15-year, 3.6% fixed-rate mortgage loan. You are expected to pay an equal MONTHLY payment starting from August 2019 for a total of 15 years.

Answer 1

So your down payment would be 70,000 (which is 350,000 X .2)

So you would be financing 280,000

Using the payment function

PV= 280,000

R= .036/12

N = 15*12= 180

Your payment would be: 2,015.45