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Math Help - mortgage help please

  1. #1
    Newbie
    Joined
    Apr 2008
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    6

    mortgage help please

    If I buy a house and pay $118,500 for it and put $6500 down payment on it and finance the remainding with a 30 year loan and 7 1/2 per cent interst what would my monthly payment be?

    Thanks
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  2. #2
    Super Member

    Joined
    May 2006
    From
    Lexington, MA (USA)
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    Hello, Linda!

    If I buy a house and pay $118,500 for it and put $6500 down payment on it
    and finance the remainding with a 30-year loan and 7% interest,
    what would my monthly payment be?
    Each time an Amortization problem is posted, I'm puzzled . . .

    There is a formula for this type of problem.

    If it hasn't been given to you, this problem should not have been assigned.
    . .
    (Unless they seriously expect you to derive the Amortization Formula.)

    If it has been given to you, exactly where is your difficulty?

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