Arnie Jones has decided to offer $135,000 for Bob and Mary Smith's home. The bank will loan him 80% of the purchase price for 30 years at 9% interest. What will be the amount of his principal and interest payment if the requirement is $8.05 monthly for each $1,000 borrowed?

Answer rating: 100% (QA)

First lets calculate the loan amount Arnie Jones will receiv... View the full answer