Having graduated from UCF with a degree in finance, you can now afford to buy a $120,000 house. Suppose you pay 20% as a down payment and finance the rest for 30 years at 8%. Assuming house payments occur at the end of each month, what will be the amount of your monthly payment? 

a) $881 

b) $2,901 

c) $64 

d) $704 

e) $847

Answer rating: 100% (QA)

To calculate the monthly mortgage payment you can use the formula for a fixedrate mortgage M Pr1 rn ... View the full answer