Question

Buying a House. Sadaf Din is purchasing a house selling for $215,000. To obtain her mortgage, Sadaf must make a 20% down payment. The current mortgage rate is 4.5%. Determine the amount of the required down payment.

Answer 1

@dan815

Answer 2

@iGreen. Can u guide me with this question?

Answer 3

Find 20% of 215,000

20% = 0.2

215000 * 0.2 = ?

Answer 4

Ok and how do I determine the monthly principal and interest payment for a 25-year mortgage with a 20% down payment?

Answer 5

I got for 215000*0.2=43,000

Answer 6

Yes, so that is the down payment

Answer 7

Ok how do I determine the principal and interest payment for the 25 year mortgage of the 43,000?

Answer 8

The rate is 4.5

Answer 9

@iGreen.

Answer 10

p=(1+r)^25

Answer 11

r ins interest