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4 years ago

Business math can some one help please number 25 thank you

Mathematics

1 answer:

Inessa05 [86]4 years ago

3 0

Answer:

$960

Step-by-step explanation:

After paying 20% down, Chuck's loan amount is for ...

... $240,000 × (100% -20%) = $240,000 × 0.80 = $192,000

The interest amount in the first payment is one month's interest on this amount. The monthly interest rate is 1/12 of the annual rate.

... 6%/12 × $192,000 = 0.005 × $192,000 = $960

_____

<em>Comment on the problem statement</em>

My mortgage calculator computes the monthly payment as $1237.06.

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