Joy Linman bought a home in Boca Raton, Florida, for $350,000 with a down payment of $50,000. Her rate of interest is 9 ½% for 25 years. Calculate Joy's monthly mortgage payment.

Name: Joy Linman bought a home in Boca Raton, Florida, for $350,000 with a down payment of $50,000. Her rate of interest is 9 ½% for 25 years. Calculate Joy's monthly mortgage payment.
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Question

Quizplus · Accepted Answer

$350,000 - $50,000 = $300,000; $300,000 / $1,000 = 300; 300 × $8.74 = $2,622.

Joy Linman Bought a Home in Boca Raton, Florida, for $350,000