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3 years ago

If tremaine waited until he had $30,000 saved for a down payment, what would his monthly payment be

Business

1 answer:

Yakvenalex [24]3 years ago

6 0

Answer:

The first part of the question is missing, so I looked for a similar question and found this:

Tremaine wants a one bedroom townhouse in a trendy new development downtown; average cost is $145,000. He is preapproved for a 4.38% interest rate on a 30-year fixed mortgage and has saved $15,000 for a down payment.

What will Tremaine’s monthly payment be?
How much total interest will he pay over the course of the mortgage
If Tremaine waited until he had $30,000 saved for a down payment, what will his monthly payment be?

1. Tremaine's loan = $145,000 - $15,000 = $130,000

monthly payment = loan / annuity factor

PV annuity factor, 0.365%, 360 periods = 200.1694

monthly payment = $130,000 / 200.1694 = $649.45

2. total payments = $649.45 x 360 = $233,802

total interests paid = $233,802 - $130,000 = $103,802

3. Tremaine's loan = $145,000 - $30,000 = $115,000

monthly payment = loan / annuity factor

PV annuity factor, 0.365%, 360 periods = 200.1694

monthly payment = $115,000 / 200.1694 = $574.52

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