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30 August, 15:09

The condominium at the beach that you want to buy costs $249,500. You plan to make a cash down payment of 20 percent and finance the balance over 10 years at 6.75 percent.

What will be the amount of your monthly mortgage payment?

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  1. 30 August, 15:23
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    Complete question:

    The condominium at the beach that you want to buy costs $249,500. You plan to make a cash down payment of 20 percent and finance the balance over 10 years at 6.75 percent. What will be the amount of your monthly mortgage payment?

    a. $2,291.89

    b. $2,809.10

    c. $3,287.46

    d. $3,412.67

    e. $4,145.68

    Answer:

    $2,291.89 will be the amount of your monthly mortgage payment

    Solution:

    A mortgage interest is considered the principal balance.

    Every month you spend a portion of your monthly mortgage payment in order to pay off another principal or mortgages debt and a portion of the monthly payments will be charged into interest on the loan.

    249500 x 20% = 49900

    Amount financed = 249500-49900 = 199,600

    Enter 10*12 6.75/12 199,600 0

    N I/Y PV PMT FV

    -2,291.89
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