Suzanne finances $315,000 with a 15/4 balloon mortgage at 3.75%, How much will she pay for principal and interest over the life
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The net pay is the amount left after taxes and deductions have been removed from the gross pay.
Her monthly gross pay is: $4111.93
The deductions are:
Let her gross pay be x.
So, we have:
So, we have:
Express percentage as decimals
Add 102 to both sides
Divide both sides by 0.95
Rewrite as:
Hence, her monthly gross pay is: $4111.93
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