You decide to buy a house! If the house costs $243,000, and your down payment on...

 

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You decide to buy a house! If the house costs $243,000, and your down payment on the house is 5%. a) How much is the down payment on this house? If you can get the mortgage for 5.25% compounded monthly for a 30 year mortgage, how much will your mortgage payments be? Hint: Remember the mortgage is on the amount owed after the down payment has been paid in part a, so be sure to subtract the down payment from the cost of the house before starting. If you can get the mortgage for 4.3% compounded monthly for a 15 year mortgage, how much will your mortgage payments be? Remember again to use the amount of the mortgage after you paid the down payment. You decide to buy a house! If the house costs $243,000, and your down payment on the house is 5%. a) How much is the down payment on this house? If you can get the mortgage for 5.25% compounded monthly for a 30 year mortgage, how much will your mortgage payments be? Hint: Remember the mortgage is on the amount owed after the down payment has been paid in part a, so be sure to subtract the down payment from the cost of the house before starting. If you can get the mortgage for 4.3% compounded monthly for a 15 year mortgage, how much will your mortgage payments be? Remember again to use the amount of the mortgage after you paid the down payment.

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a The down payment on the house would be 243000 x 005 12150 b For the 30 year mortgage at a rate of ... View the full answer