Eric took out an 80/20 mortgage to buy a house costing $175,000. The first (80%) mortgage has an interest rate of 4.75%, and the
1 answer:
Answer:
The total monthly mortgage payment for the house is $975.63
Step-by-step explanation:
The principle amount is $175000
80% of 175000 is = = $140000
20% of 175000 is = = $35000
Emi formula is :
For 1st part:
p = 140000
r = 4.75/12/100=0.00395
n =
Putting values in formula we get
= $729.508
For 2nd part:
p = 35000
r = 7.525/12/100=0.00627
n =
Putting values in formula we get
= $245.301
Adding both the monthly payments:
dollars
This is closest to option A.
So, option A is the answer.
And for 30 years the mortgage payment will be =
dollars
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