The Harrison family recently purchases a home for $2.3 million.The paid $250,000 down at signing and decided to pay the balance over the next 15 years in equal payments plus 4.5% interest on the unpaid balance.What will their monthly payment be over the life of the loan?Remember we are dealing with a monthly payment.

Answer rating: 100% (QA)

To calculate the monthly payment for the Harrison familys home loan we can use an amortization formula The formula for calculating the equal monthly p... View the full answer