If I purchase a home for $150,000. I do a fixed 30-year mortgage at 6%. My...
If I purchase a home for $150,000. I do a fixed 30-year mortgage at 6%. My total fees and percent down on the home equaled $12,500. What would be my annual payment?
a. $12,345.67
b. $9,376.24
c. $6,456.72
d. $9,712.72
Homework Answers
where n is the no of years
P = Principle - Down payment
r is the rate of interest per annum
= 47383.98022/ 4.7434912
= $ 9989.225
The correct answer is $ 9989.225 which is not in Option. I have checked all the calculations 3 times. There is no error.
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