PLEASE HELP ME I DONT WANT TO FAIL

294

Step-by-step explanation:

a) The mortgage amount he will borrow  $ 157675

b) Monthly mortgage payment = $854.125

Step-by-step explanation:

a) What is the mortgage amount he will borrow?

Since Victor has made 15 % down payment so the amount left will be the amount he has to borrow

Down payment = 15 % of $185,500

                           = (15 / 100) * 185500

                             = $ 27285

Amount left to be paid = $185,500 - $ 27285

                                     = $ 157675

So, the mortgage amount he will borrow = Amount left to be paid =

$ 157675

b) What will his monthly mortgage payment be?

He is financing with 25-year loan at 4.25% interest

No of thousands in $ 157675 = 157675 / 1000

                                                 = 157.675

(because in table we have given monthly mortgage payment per $1000 borrowed)

From the table monthly mortgage payment per $1000 borrowed for 4.25 % interest rate and 25 year plan is 5.417

Monthly payment for $157675 = 157.675 * 5.417

                                                    = $854.125