Mathematics, 08.11.2019 16:31 ayri9893
Vanessa bought a house for $268,500. she has a 30 year mortgage with a fixed rate of 6.25%. vanessa’s monthly payments are $1,595.85. how much was vanessa’s down payment?
a. $9,314.45
b. $16,781.25
c. $40,275.00
d. $53,040.00
Answers: 1
![\text{PV of annuity}=P[\dfrac{1-(1+r)^{-n}}{r}]](/tpl/images/0365/6552/d31d5.png)
monthly![\text{PV of annuity}=1598.85[\dfrac{1-(1+\dfrac{0.0625}{12})^{-360}}{\dfrac{0.0625}{12}}]\\\\=\$259,185.55](/tpl/images/0365/6552/93f51.png)
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Vanessa bought a house for $268,500. she has a 30 year mortgage with a fixed rate of 6.25%. vanessa’...
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