What are the answers to problems 9 and 10 ?
2 answers:
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Answer:
Option a - $9,314.45
Step-by-step explanation:
Cost of the house = $268,500
Time of repayment = 30 years
Repayment is done monthly, so number of repayments = 30 X 12 = 360
Monthly Payment = $1595.85
Rate of interest per payment period =
So, Present value of monthly payments = 1595.85 X
= $259,185.55
So, Vanessa's down payment = $268,500 - $259,185.55 = $9,314.45
Hope it helps.
Thank you !!