An $80,000 condominium is to be purchased by paying $10,000 in cash and a $70,000 mortgage for 20 years at 9.75 percent compounded monthly. a) Find the monthly payment on the mortgage. b) What will be the total amount of interest paid?
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
An $80,000 condominium is to be purchased by paying $10,000 in cash and a $70,000 mortgage for 20 years at 9.75 percent compounded monthly.
a) Find the monthly payment on the mortgage.
b) What will be the total amount of interest paid?
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