Question

I. A family buys a house worth $326,000. They pay $75,000 deposit and take a mortgage for the balance at J12=9% p.a. to be amortized over 30 years with monthly payment.Find the value of the mortgage on their house?

Answer 1

Answer:

Step-by-step explanation:

Given : A family buys a house worth $326,000. They pay $75,000 deposit and take a mortgage for the balance at 9% p.a. to be amortized over 30 years with monthly payments.  

To find : value of the mortgage on their house  ,  value of the monthly payment

Solution:

House worth  = $326,000

Paid amount = $ 75000

Remaining amount = 326,000  - 75000  =  $251,000

value of the mortgage on their house =  $251,000

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