Martha is buying a house for $107,820. she is making 15 percent down payment and financing the remainder at 6.5 percent for 25 years. what are martha's monthly payments?

The monthly payment is $ 618.81 ( approx )

Step-by-step explanation:

Here,

The price of house =  $ 107,820,

Down payment percentage = 15 %,

So, the down payment = 15 % of $ 107,820

= $ 16,173

Thus, the principal amount of loan, P.V. = The price of house -  the down payment

= $ 107,820 - $ 16,173

= $ 91647

Now, the annual rate = 6.5 % = 0.065

⇒ The rate per month, r =

Time, n = 25 years = 300 months,

Hence, the monthly payment of the loan is,

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step-by-step explanation: