Mathematics, 23.04.2021 22:40 lilyrockstarmag
Lando is looking to buy a home for $350,000. The formula to compute the loan amount is
Pn = PMT.
1-(1+r)"
Where Pn is the principal amount of the loan, r is the monthly interest rate, PMT is the
monthly payment, and n is the number of monthly payments. Lando's bank offers a monthly
interest rate of 0.42% for a 20-year mortgage. Algebraically determine and state the down
payment, rounded to the nearest dollar, that Lando needs to make in order for his mortgage
payment to be $2000.
03:23
Answers: 2
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Lando is looking to buy a home for $350,000. The formula to compute the loan amount is
Pn = PMT.
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