The Chavara family buys a house for $225,000. They pay $50,000 down and take out a 30 year mortgage on the balance. Find their monthly payment and the total amount of interest they will pay if the interest rate is

a: 6%

b: 6.5%

c: 7%

Question

The Chavara family buys a house for $225,000.  They pay $50,000 down and take out a 30 year mortgage on the balance.  Find their monthly payment and the total amount of interest they will pay if the interest rate is

a: 6%

b: 6.5%

c: 7%

tkhunny · Answer

1) 225000 - 50000 = 175000 = The Amount Financed.

Now what?