You agree to purchase a home for $200,000 and decide to make a 20% down payment on the home. You finance the rest of the home payment with a 15 year fixed rate mortgage with an annual interest rate of 5.25%. Assuming that you make regular monthly payments, determine your regular monthly payment amount. Provide just a numerical answer rounded to the nearest cent.

a or 1. $40,000 is the down payment

b or 2. 180 months = 15 years

c or 3. $168,400 is the left over payment (including mortgage)

d or 4. $935.56 (the monthly payment)

Step-by-step explanation:

1. To calculate the down payment, we need to calculate 20% of $200,000.

200,000 x 0.20  = $40,000

Therefore, the down payment on the home costs $40,000.

2. Now, let's figure out how many months are in 15 years.

15 x 12 = 180

So, the mortgage will be paid in 180 months.

3. Next, we need to find out how much money needs to be paid in the 15 years.

200,000 - 40,000 = $160,000

This price will also include an annual interest rate of 5.25%. So, we need to find 5.25% of $160,000.

160,000 x 0.0525 = $8,400 <--- interest rate when rounded to the nearest cent.

160,000 + 8,400 = $168,400 <--- total amount over 15 years

4. To find the monthly payment, we must divide the total amount of money ( or  $168,400), by the number of months, (or 180.)

$168,400 ÷ 180 = $935.56 when rounded to the nearest cent.

Hope this helps! :)

6. 104

7. 52/37

8. 2704

9. 140608

10. -52

11. |52|=52

12. 1/52

13. 156

14. 26

15. 40

16. 37

17. -364

18. 53 1/3

19. 50.96

20. 43 2/3

21. 78

22. 50.75

23. 47.63

24. 163.28

25. 10400

26. 338

27. 208

28. 2704 square inches

29. 312 square meters

30. don't know what its asking, tell me so i can tell you

31. 8490.56

32. 52 degrees would be an acute angle

33. 128 degrees

34. 20.8

35. 39

36. 208

55 degrees because 55+55=110 degrees