Question

Johnson and Johnson purchased a house for $450000. The had a 35%
down payment and negotiated a four year mortgage at 4:35% amortized over 20
years.
(a) Calculate their monthly payments.
(b) After the four year term was completed, they renegotiated a new term for
six years at 2:15% amortized over 15 years. Determine their new monthly
payments.

Answer 1

Show me how far you got, and where you are struggling, then we will help you.

Answer 2

i keep on trying but i cant get far i honestly need help with this question its stressing me out

Answer 3

If they had a 35% down payment, that means they still have to pay 65% of $450000

Answer 4

Honestly, I can't help you, haha. I don't know the terminology you are using.

Answer 5

so their new payment would be 2329.4$ and their monthly payment would be 292500? im i correct or what lol