1. Patty purchases a $490,000 house. She pays $30,000 down and takes out a 15 ye

Question

1.       Patty purchases a $490,000 house. She pays $30,000 down and takes out a 15 year mortgage with monthly payments, at an interest rate of 12% interest compounded monthly. How much money will Patty have to pay each month?

2.       A loan of $37700 is to be repaid with monthly payments for 25 years at 6% interest COMPOUNDED monthly. Calculate the monthly payment.

3.       How much money can Anthony borrow at 5% interest compounded semiannually if the loan is to be repaid at half year intervals for 5 years and he can afford to pay $292 per year?

4.       The total interest paid on a 3 year loan at 6% interest compounded monthly is $1132.75 determine the monthly payment for the loan.

Explanation / Answer

1. Patty will have to pay $ 5,520.77 each month.

2. Monthly payment: $539.34

3. Anthony can borrow $1792.63

4. Monthly payment: $196.19

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