Question

A $104,000 selling price with $24,000 down at 8½% for 25 years results in a monthly payment of

Answer 1

$296.13. The computations can be simplified in the following manner as presented: 104,000 (.085) = 8840 (interest) +104,000 =112,840 - 24,000 (down payment) = 88,840 ÷ 25 (year) ÷ 12 (months/year)