Question

David wants to buy a cabin that costs $68,000. The bank requires a 20% down payment. The rest is financed with a 15- year, fixed-rate mortgage at 9.5% annual interest with monthly payments. Complete the parts below. Do not round any intermediate computations. Round your final answers to the nearest cent if necessary. If necessary, refer to the list of financial formulas. (a) Find the required down payment. x 5 ? (b) Find the amount of the mortgage. (c) Find the monthly payment. $

Answer 1

Cost- $68,000 2oY. downpowy oo aj 204. downpary met = 20 x 68000 dret down payment $13,600 Remaining $(68,000 -13,600) - $ 59,900 6) amount of mortgage - $ 59,900 have is gear utea $54,400 R - 9.51. time = 15 year = 15x12 monty Interest - 54,900 x g. S, IS ob to t oo = $ 71, 520 total amount to be paid e boa $ 159, 900 + 77,520) = $ 131,920 2 monthly est paymes $131920 S 15X12 7 monthly payment= $ 732-89] Please upvote