Mathematics, 05.08.2021 21:20, ryliepeloquinf
Step 1: Choose the price of the house. Then calculate 20% (which will be your down payment). Write down the price and 20% of the price.
Step 2: You don't have 20% now, so you will use an annuity to save up until you have the 20%. Choose a time in the future (2 years, 3 years, 4 years, 5, 10?) that you will purchase this house. Choose an APR that the bank will give you. Calculate how much you need to deposit every month in order to have the 20% down payment down the road. Write down the numbers of years, the interest rate, the formula with all the numbers plugged in, and the monthly deposits you will need to make.
Step 3: Now you take out a mortgage on the remaining 80%. Choose an APR that the bank will charge you (to be realistic, more than the APR in step 2) and the time you will take to pay off the loan. Write down the formula with all the numbers plugged in, and write down the minimum monthly payments.
Please show me proper work and a step by step explanation on how you got your answers. Anyone who attempts to answer just to steal points will be reported.
Answers: 3
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Step 1: Choose the price of the house. Then calculate 20% (which will be your down payment). Write d...
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