Darlene ramirez bought a home for $140,000. she put 20% down with a mortgage rate of 7.5% for 25 years. what are her yearly payments?

The yearly payment is $ 10047.60 ( approx )

Step-by-step explanation:

Since, the yearly payment of a loan is,

Where, R is the annual rate of interest ( in decimals ),

P is the present value of the loan,

n is the time ( in years ),

Given,

A home is bought for $140,000 at 20 % down payment,

Thus, the present value of the loan, P.V. = 140000(100-20)%

= 140000 × 80 %

= 140000 × 0.8

= $ 112,000

Annual rate of interest, R = 7.5 % = 0.075,

n = 25 years,

Hence, the annual payment is,

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