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Albert Tilman wishes to buy a house selling for $80,000. His credit union requires him to make a 10% down payment. The currentmortgage rate is 11.0%. Find the required down payment and the total monthly payment for a 30-year loan.Find the required down payment.Monthly

Albert Tilman wishes to buy a house selling for 80000 His credit union requires him to make a 10 down payment The currentmortgage rate is 110 Find the required class=

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Answer:

The total monthly payment is $222

Explanation:

The current mortgage rate is 11%

The value of mortgage is $80,000 + 11% of $80,000

= $88,800

The required down payment is 10%

10% of $88,800 = $8,880

The total monthly payment for the 30 year period is:

[tex]\frac{88,800-8,880}{30\times12}=222[/tex]

The total monthly payment is $222