Question

Felix is purchasing a brownstone townhouse for ​$2,800,000. To obtain the​ mortgage, Felix is required to...

Felix is purchasing a brownstone townhouse for ​$2,800,000. To obtain the​ mortgage, Felix is required to make a 19​% down payment. Felix obtains a 25​-year mortgage with an interest rate of 6.5​%. ​

a) Determine the amount of the required down payment. ​

b) Determine the amount of the mortgage.

​c) Determine the monthly payment for principal and interest.

Math   Advanced-Math   
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Homework Answers

Answer #1

price of the townhouse is = 2800000

19% down payment

DP=19% of 2800000

DP=0.19*2800000

DP=532000...................downpayment

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amount of the mortgage = Price - DP

amount of the mortgage = 2800000-532000

amount of the mortgage = 2268000

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so here

L=2268000

r = 6.5% = 0.065

t=25 year

n=12 for monthly payment

PMT = monthly payment = ?

.

formula is

........................monthly payment for principal and interest.

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