In 2008 a house is worth $350 000.
2 answers:
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Given :
Marisa wants to buy a home in Atlanta with a 30-year mortgage that has an annual interest rate of 4.9%.
The house she wants is $250,000 and she will make a $55,000 down payment and borrow the remainder.
To Find :
What is Marisa's monthly mortgage payment to the nearest dollar.
Solution :
Money remains, m = $( 250000 - 55000 ) = $195000 .
Total price after interest, T = m( 1 + rt )
T = 195000×( 1 + 0.049×1)
T = $204555
Monthly payment,
Therefore, monthly payment is $17046.25 .
Hence, this is the required solution.