Question

11. Suppose you want to buy a house. The house costs
$180,000. You plan to make a cash down payment of 15 percent and
finance the balance over 20 years at 7 percent. What will be the
amount of your monthly payment?

Answer #1

Cost of hosue is $ 180,000/. |

Down payment is = (180000*15%) |

Down payment is = $ 27,000/. |

Balance of cost of house payable in monthly installments = (180000-27000) |

Balance of cost of house payable in monthly installments = $ 153,000/. |

Monthly payments can be found using present value of annuity formula |

Present value of annuity is = P*(1-(1+r)^-n)/r |

Present value of annuity is = $ 153,000/. |

"P" is Monthly payment =? |

"r" is Monthly interest rate = (7%/12) = 0.5833% |

"n" is No of months = 20*12 = 240 |

153000=P*(1-(1+0.005833)^-240)/0.005833 |

153000=P*129.986501 |

P is = (153000/129.986501) |

P is = $ 1,177.05/. |

Monthly payments are $ 1.177.05/. Approx. |

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