Ms. Althea Jordao purchases a home worth Php 1,200,000 with a down payment of 15%. Then she loan the balance from the bank that charges 7.5% annual interest to be paid for 20 years. a. What must be the amount of the mortgage loan? b. What is the monthly mortgage payment? c. How much is the amount of interest paid on the loan over 20 years?
Ms. Althea Jordao purchases a home worth Php 1,200,000 with a down payment of 15%. Then she loan the balance from the bank that charges 7.5% annual interest to be paid for 20 years. a. What must be the amount of the mortgage loan? b. What is the monthly mortgage payment? c. How much is the amount of interest paid on the loan over 20 years?
Chapter9: Obtaining Affordable Housing
Section: Chapter Questions
Problem 5DTM
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Subject: Mathematics in the Modern World (MMW)
- Ms. Althea Jordao purchases a home worth Php 1,200,000 with a down payment of 15%. Then she loan the balance from the bank that charges 7.5% annual interest to be paid for 20 years.
a. What must be the amount of the mortgage loan?
b. What is the monthly mortgage payment?
c. How much is the amount of interest paid on the loan over 20 years?
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