Calculate equal monthly mortgage payments

Reference no: EM132062766

Question: You are purchasing a new house for $350,000. Y ou are required to pay 20% as down payment. In addition to the house price, the real-estate agent charges you 3% of the house value as commission, and other closing costs are $15,000. You have only enough money to pay for the down payment. You can finance the rest of all costs through a 30 year loan. To payoff the loan, you agree to pay equal monthly payments that included principal payments plus 5% compound interest on the unpaid balance over the next 30 years. Calculate your equal monthly mortgage payments. Show all work.

Reference no: EM132062766

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