Question

Maya wants to buy a house for $275,000 by taking out a 30-year fixed-rate mortgage with an interest rate of 6%. She plans on making a down payment of either $25,000 or $45,000. By how much will she lower her mortgage payment if she makes the larger down payment?

Answer 1

Answer:

First you have to multiply $275,000 x 30 x 6% = $495,000.

then 495,000 x 6% = 29,700.

That is the answer it is between 25,000 - 45,000....

Answer 2

Her payment is 29,700 between 25,000 - 45,000.

What is interest?

Simple interest is calculated just on the loan's principal amount, whereas compound interest is calculated on both the principal and the cumulative interest.

The amount will be calculated as:-

First, you have to multiply

$275,000 x 30 x 6% = $495,000.

then 495,000 x 6% = 29,700.

That is the answer it is between 25,000 - 45,000

Therefore payment is 29,700 between 25,000 - 45,000.

To know more about interests follow

https://brainly.com/question/2294792

#SPJ2