Mathematics, 04.07.2019 18:30 bbyitskeke1242
Joe levi bought a home in arlington, texas, for $147,000. he put down 25% and obtained a mortgage for 30 years at 6.00%. what is joe's monthly payment? what is joe's total interest cost?
Answers: 1
]
![M= P[\frac{r}{1-(1+r)^-^n}]](/tpl/images/0051/1955/36971.png)
, where 
Monthly payment, 
Principal loan amount, 
rate of interest per month and 
total number of months. 
, 
and 
months.![M= 110250[\frac{0.005}{1-(1+0.005)^-^3^6^0}] \\ \\ M=110250[0.0059955...]\\ \\M=661.00445.... \approx 661](/tpl/images/0051/1955/c37af.png)
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Joe levi bought a home in arlington, texas, for $147,000. he put down 25% and obtained a mortgage fo...
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