Question

PLEASE HELP this is my last problem not sure how to work it out.

Answer 1

Answer: $1,062.67

Price of the home = $250,000

20% downpayment = 20% x 250,000 = 0.2 x 250,000 = $50,000

Loan (Amount less downpayment)  = $250 000 - $50,000 = $200,000

$\text {Monthly Repayment Period =} P\dfrac{r(1+r)^n}{(1+r)^n-1}$

Monthly payment = $1,062.67
Answer : $1,062.67 monthly

Answer 2

The answer is $1,328.