Find the monthly house payments necessary to amortize the following loan. Then calculate the total payments and the total amount of interest paid. $202,000 at 7.05% for 20 years The monthly payments are $☐ (Round to the nearest cent.)

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...
icon
Related questions
Question
Find the monthly house payments necessary to amortize the following loan. Then calculate the total payments and the
total amount of interest paid.
$202,000 at 7.05% for 20 years
The monthly payments are $☐
(Round to the nearest cent.)
Transcribed Image Text:Find the monthly house payments necessary to amortize the following loan. Then calculate the total payments and the total amount of interest paid. $202,000 at 7.05% for 20 years The monthly payments are $☐ (Round to the nearest cent.)
Expert Solution
steps

Step by step

Solved in 2 steps with 3 images

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning