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Your parents have just purchased a town house for $ 2 0 0 , 0 0 0 in Catskill, NY . They obtain financing with
Your parents have just purchased a town house for $ in Catskill, NY They obtain financing with the following terms: a down payment and the balance to be loaned over years at compounded monthly.
a What is their down payment? hint: of the price of the house $
b What is the loan amount? hint: the balance after the down payment from part a above
c How much is their monthly payment on the loan?
d How much total interest do they pay over the life of the loan?
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