Question

Marc bought a new split level for $200,000. Marc put down 30%. Assuming a rate of 11½% on a 30-year mortgage, use the tables found in the textbook to determine Marc's monthly payment.

Answer 1

Answer:

Mark's monthly payment is $1386.40.

Step-by-step explanation:

Marc bought a new split level for $200,000. Marc put down 30%.

So, loan amount = $200000-(0.30\times200000)=140000$ dollars

p = 140000

r = $11.5/12/100=0.0095833$

n = 360

The EMI formula is :

$\frac{p\times r\times (1+r)^{n} }{(1+r)^{n}-1 }$

Substituting the values in the formula:

$\frac{140000\times0.0095833\times (1+0.0095833)^{360} }{(1+0.0095833)^{360}-1 }$

=> $\frac{140000\times0.0095833\times (1.0095833)^{360} }{(1.0095833)^{360}-1 }$

= $1386.40

Hence, Mark's monthly payment is $1386.40.

Answer 2

Lol you don't give us the table.

$200,000•0.30=$60,000
$140,000 owed.
0.115÷12m/y=0.009583333•$140,000=$1,341.67 (interest incurred yearly)
$1,341.67•30=$40,250.10 interest over 30 years.
$140,000+$40,250.10=$180,250.10
$180,250.10÷360months(30years)= $500.70/m

I believe that is your answer (I rounded up less than 1 cent)