A house sells for $260,000 and a 20% down payment is made. A 15-year mortgage at 8% was obtained. (i) Find the down payment.
(ii) Find the amount of the mortgage.
(iii) Find the monthly payment.
(iv) Find the total interest paid.

Monthly Payment per $\$ 1000$ of Mortgage
(Includes Principle and Interest)
$\quad $ $\quad $ $\quad $ $\quad $$\text { Number of years }$
$\begin{array}{c|c|c}
\text { Rate }(\%) & 15 & 30 \
\hline 6.5 & \$ 8.71 & \$ 6.32 \
7 & \$ 8.99 & \$ 6.65 \
7.5 & \$ 9.28 & \$ 6.99 \
8 & \$ 9.56 & \$ 7.34
\end{array}$

Question

A house sells for $260,000 and a 20% down payment is made. A 15-year mortgage at 8% was obtained. (i) Find the down payment.
(ii) Find the amount of the mortgage.
(iii) Find the monthly payment.
(iv) Find the total interest paid.

Monthly Payment per $\$ 1000$ of Mortgage
 (Includes Principle and Interest)
 $\quad $ $\quad $ $\quad $ $\quad $$\text { Number of years }$
$\begin{array}{c|c|c}
\text { Rate }(\%) & 15 & 30 \
\hline 6.5 & \$ 8.71 & \$ 6.32 \
7 & \$ 8.99 & \$ 6.65 \
7.5 & \$ 9.28 & \$ 6.99 \
8 & \$ 9.56 & \$ 7.34
\end{array}$

Quizplus · Accepted Answer

The Answer of A house sells for $260,000 and a 20% down payment is made. A 15-year mortgage at 8% was obtained. (i) Find the down payment.
(ii) Find the amount of the mortgage.
(iii) Find the monthly payment.
(iv) Find the total interest paid.

Monthly Payment per $\$ 1000$ of Mortgage
 (Includes Principle and Interest)
 $\quad $ $\quad $ $\quad $ $\quad $$\text { Number of years }$
$\begin{array}{c|c|c}
\text { Rate }(\%) & 15 & 30 \
\hline 6.5 & \$ 8.71 & \$ 6.32 \
7 & \$ 8.99 & \$ 6.65 \
7.5 & \$ 9.28 & \$ 6.99 \
8 & \$ 9.56 & \$ 7.34
\end{array}$

A House Sells for $260,000 and a 20% Down Payment $1000\$ 1000$1000

A House Sells for $260,000 and a 20% Down Payment $\$ 1000$