Ted and Jane are buying a house for

280,000.00

. They will make a

25%

down payment. They will be able to obtain a loan at

8.5%

per annum interest. What will be their annual payment if their loan is for 15 years? 25 years? What will be the monthly payment if their loan is for 15 years? 30 years?

Ted and Jane are buying a house for 280,000.00. They will make a 25% down payment. They will be able to obtain a loan at 8.5% per annum interest. What will be their annual payment if their loan is for 15 years? 25 years? What will be the monthly payment if their loan is for 15 years? 30 years