How much does she need to borrow to purchase the? house

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Reference no: EM131568128

Emily Morrison purchased a new house for ?$120,000. She paid ?$30,000 upfront and agreed to pay the rest over the next 15 years in 15 equal annual payments that include principal payments plus 12 percent compound interest on the unpaid balance. What will these equal payments? be?

a. Emily Morrison purchased a new house for ?$120,000 and paid ?$30,000 up front. How much does she need to borrow to purchase the? house? ?$90000 ?(Round to the nearest? dollar.)

b. If Emily agrees to pay the loan over the next 15 years in 15 equal? end-of-year payments plus 12 percent compound interest on the unpaid? balance, what will these equal payments? be? ?$ ?(Round to the nearest? cent.)

Reference no: EM131568128

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