Question

You want to buy a $ 351,749 home. You plan to pay 15 % as a down payment, and take out a 15 year loan for the rest. What will your monthly payments be if the interest rate is 9.3 %?

Answer 1

Your monthly payment on the house will be $1815.52

First I multiplied $ 351,749 by .15 (or 15%), and I got $52762.35

Then I minus $52762.35 from $ 351,749, because you are going to pay that much for down payment. I get $298986.65

Then I multiply $298986.65 by .093 (or 9.3%), and I get $27805.75845 (round it up to $27805.76)

Then I add $298986.65 and $27805.76 equals $326792.41

Then I calculate how many months there are in 15 years, by simply multiplying 12 and 15, get 180

So I divide $326792.41 by 180 and TADA!!! You get the answer

I get 1815.5133 (round it up to $1815.51)