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Use the figure below. Jonathan and Marty Boman purchased a home for $113,400. As first-time homeowners, the bank only requires a 5 percent down payment. The rest is financed at 6.5% for 30 years. What is the amount of their monthly payment?

Use the figure below Jonathan and Marty Boman purchased a home for 113400 As firsttime homeowners the bank only requires a 5 percent down payment The rest is fi class=

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Answer:

the amount of monthly payment $680.85

Step-by-step explanation:

in this question the amount of monthly payment is required to be paid by Jonathan and Marty Boman who have purchased a home for $113,400.

As they have given 5% down payment

so,

5% of 113400 =( 5 / 100 ) * 113400

                      = 5670

the amount left to be paid = 113400 - 5670

                                            = 107730

from the table we get that if interest rate is 6.5 % and length of loan is 30 years then

No of thousands in $ 107730 = 107730 /1000

                                                 = $107.730

the amount of monthly payment =  107.730 * 6.32

                                                       = $680.85

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