Suppose you want to buy a house that cost $100, 000.00 The bank requires a 5.0% down payment and will charge 10.80% interest compounded monthly. Suppose you put down the least amount that you could and borrow the rest from the bank. If you made monthly payments to the bank for 15 years, how much would each payment be?

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To calculate the monthly payment for a mortgage we can use the formula for the m... View the full answer