The monthly payment required to be made is Amortization
Here, we need to calculate the monthly payments that turners must make as a result of the purchase of house with mortgage agreement
Given information are
- Purchased value = $150,000
- Initial down payment = $30,000
- Mortgage interest charged at 9% per year on the unpaid balance.
In conclusion, the monthly payments which is required of turners to make is an amortization because invovles the process of paying off s debt through scheduled installments using component of the principal & interest for calculation.
Learn more about how Amortization here
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