You want to buy a $188,000 home. You plan to pay 20% as a down payment,...

You want to buy a $188,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest.

a) How much is the loan amount going to be?

$

b) What will your monthly payments be if the interest rate is 5%?

$

c) What will your monthly payments be if the interest rate is 6%?

$

Expert Solution

a. Loan amount = 188,000*0.80 = $150,400

jeff jeffy answered 2 years ago

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