The Gomez family bought a house for $250,000. They paid 15% down and amortized the rest at 11.2% over a 30-year period. Find their monthly payment.

Ronnie Rojas

Ronnie Rojas

Answered question

2022-08-03

The Gomez family bought a house for $250,000. They paid 15% down and amortized the rest at 11.2% over a 30-year period. Find their monthly payment.

Answer & Explanation

Evelin Castillo

Evelin Castillo

Beginner2022-08-04Added 12 answers

As we know that
P = ( R 1 ( 1 + R ) N )
P = ( 0.112 1 ( 1 + 0.112 ) 30 ) × 212500 P = ( 0.112 × 212500 0.9586 ) P = 24827.8739 P = 24828

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