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Answer:
Step-by-step explanation:
Jason's down payment= $41250
Amount he needs to borrow is
275000-41250 = $233750
Jason's monthly payment would be
248476.25/180 = $1380.42
The original cost of the house that Jason Aldeen bought is $275,000. He made a down payment of 15%. This means he paid 15% of the original cost of the house. Therefore,
Jason's down payment is 15% of $275000
= 15/100 × 275000 =0.15×275000
=$41250
Since Jason's down payment is smaller than the original cost of the house, he would need to borrow.
Amount he needs to borrow is
275000-41250 = $233750
If Jason borrows $233750 at a rate of 4.2% for 15 years
Total interest on $233750 for 15 years will be
= (233750×4.2×15) /100
= 14726250/100 = $14726.25
Total amount to be paid for 15 years will be amount borrowed + interest
=233750 + 14726.25 = $248476.25
Converting 15 years to months,
15 × 12 months = 180 months.
Jason's monthly payment would be
248476.25/180 = $1380.42
1) Jason's down payment is $41250.
2) Jason needs to borrow $233750.
3) Monthly payment of Jason is $1752.54.
It is given that:
Cost of the house = $275,000
Interest rate APR= 4.2% per year
Tenure n= 15 years = 180 months
Down payment = 15% of $275,000
Down payment = $41250
So, Jason needs to borrow = 275,000-41250
Jason needs to borrow =$233750
What is the formula for Monthly payment?
The formula for monthly payment is,
[tex]EMI = \frac{Pr(1+r)^n}{(1+r)^n-1}[/tex]
Where P= Amount to be borrowed
r = monthly rate of interest = APR/12
n= tenure of the loan(In months)
Using the above formula,
Monthly payment of the Jason = $1752.54
Therefore, 1) Jason's down payment is $41250.
2) Jason needs to borrow $233750.
3) Monthly payment of Jason is $1752.54.
To get more about monthly payments visit:
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