Question

albert tilman wishes to buy a house selling for $90,000. his credit union requires him to make a%15 down payment . the current mortage rate is 10.0% .Find the required down payment and the total monthly payment for a 30 year loan

Answer 1

$the\ current\ mortage\ rate\ is\ 10.0\%\\\\the\ value\ of\ mortgage\ is\ \ 90,000+10\%\cdot\ 90,000=\ 99,000\\\\the\ required\ down\ payment\ 15\%:\\\\\ \ \rightarrow\ \ 15\%\ of\ \ 99,000=0.15\cdot\ 99,000=\ 14,850\\\\ the\ total\ monthly\ payment\ for\ a\ 30\ year\ loan:\\\\ \frac{\big{\ 99,000-\ 14,850}}{\big{30\cdot12}} =\frac{\big{\ 84,150}}{\big{30\cdot12}} =\ 233.75$