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Exercise 5

Avg difficulty 2.5

You want to buy a $200,000 home. You plan to pay 10% as a down payment and take out a 30-year loan for the rest.

  1. How much is the loan amount going to be?

  2. What will your monthly payments be if the interest rate is 5%?

  3. What will your monthly payments be if the interest rate is 6%?

Lee et al., Math in Society, §2.4 Loan Payments, Exercise 5

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Adapted from Math in Society © 2018–2024 Portland Community College Math Instructors. Licensed under CC BY-SA 4.0. Source: Math in Society. Imported at revision 68ee43c.