Jordan is considering buying her first home. the house she is interested in buying is priced at $150,000. jordan qualifies for a 30-year mortgage at 5%. what will be her monthly mortgage payment?

We are given:

Initial Price of the home = $150,000

Time period of the mortgage = 30 years OR 360 months

Interest rate = 5%

Monthly Mortgage payment:

Actual cost of the home (adding the interest):

The price of the home is $150,000 and the interest rate taken by the bank is 5% of the actual cost

Actual cost Jordan has to pay = $150,000 + (5% * 150,000)

Actual cost = 150000(1 + 5/100)          [taking 150000 as a common factor]

Actual cost = 150000(105/100)

Actual cost = 1500*105

Actual cost = $157,500

Monthly payment Jordan has to make:

Jordan has to pay 157500 in 360 months

Monthly payment = 157500/360

Monthly Payment = $437.5

Hence, Jordan has to pay $437.5 per month for 30 years to pay the loan back

where is the rest of the

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