Assume you have found a home for sale and agreed on a purchase price of \( \$ 290,600 \). Down Payment and Loan You will make a \( 10 \% \) down payment on the house. Calculate the following: Down Payment: \$ \( \square \) 29,080 Loan Amount: \$ \( \square \) 261540 Monthly Payment Calculate the monthly payment for a 30 -year loan, rounding your final answer to the nearest cent (two decimal places). Use the following details: Annual Interest Rate: 7.5\% Express the annual interest rate as a decimal: \( \square \) 0.075 Use the loan formula to calculate the monthly payment: \[ P_{0}=\frac{d\left(1-\left(1+\frac{r}{n}\right)^{-n t}\right)}{\left(\frac{r}{n}\right)} \] - \( P_{0} \) : Loan amount - \( \boldsymbol{r} \) : Annual interest rate (decimal) - \( n \) : Compounding periods per year \( (n=12) \) - \( t \) : Loan term in years \( (t=30) \) Monthly Payment: \$ 1,a26.73
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Beyond the Answer
Did you know the concept of a mortgage dates back to the middle ages? The term itself comes from a French phrase meaning "death pledge," reflecting the idea that the pledge ends when either the obligation is fulfilled or the property is taken through foreclosure. Quite the gruesome origin for what’s essentially a loan to help people buy homes! Now let's talk about how crucial these monthly payments can be. With a 30-year term, paying off a mortgage can feel like a marathon, not a sprint. Keeping an eye on your mortgage interest, comparing rates, and even making extra payments when possible can save you thousands in interest over the life of the loan! Plus, don't forget to factor in property taxes and insurance – they add to your overall monthly budget!
