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DanielleElmas [232]
2 years ago
14

Ken just bought a house. He made a $25,000 down payment and financed the balance with a 20-year home mortgage loan with an inter

est rate of 5.5% compounded monthly. His monthly mortgage payment is $950. What was the sell- ing price of the house
Business
1 answer:
Rudiy272 years ago
6 0

Answer:

$163,104

Explanation:

loan principal = monthly payment x PV annuity factor

monthly payment = $950

PV annuity factor, 0.4583%, 240 periods = 145.3726

loan principal = $950 x 145.3726 = $138,104

the price of the house = down payment + loan = $25,000 + $138,104 = $163,104

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