Exactly 10 years ago, Junior bought a condo, valued (as of ten years ago) in Ghc150,000. Junior made a Ghc 20,000 down payment, and contracted a mortgage with a 5-year term and a 25-year amortization period. Junior has since renewed his mortgage, but keeping the exact same conditions. Therefore, the 4% APR mortgage rate (compounded every six months) remains the same, and should not change in the future. Mortgage payments are due at the end of each month. What would be Junior’s monthly payment?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Exactly 10 years ago, Junior bought a condo, valued (as of ten years ago) in Ghc150,000. Junior made a Ghc 20,000 down payment, and contracted a mortgage with a 5-year term and a 25-year amortization period. Junior has since renewed his mortgage, but keeping the exact same conditions. Therefore, the 4% APR mortgage rate (compounded every six months) remains the same, and should not change in the future. Mortgage payments are due at the end of each month.
What would be Junior’s monthly payment?
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