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Mathematics

1 answer:

erma4kov [3.2K]3 years ago

5 0

Answer:$728

Step-by-step explanation:

$156,000 less 20% is $124,800.

That is the amount that is being financed. If the rate is7% per year the first months interest is:

124,800*.07/12 = $728

You didn't ask but if the mortgage is like most conventional mortgages the 30 * 12 = 360 payments are all approximately equal, with less money expended on paying down the principal at first. Their equal payment would be: $830.30

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