Mathematics, 29.04.2021 03:40 iikatreii

6. Monthly Mortgage payments can be found using the formula Below: M-PG2)(1+1)"

(1+12"-1

M = monthly payment

P = amount borrowed

r=annual interest rate

n = number of monthly payments

The Ranallo family just bought a house. They qualified for an annual interest rate of 5.2% and their monthly payment

was $800 for a 30 year mortgage. Algebraically determine the amount of their loan to buy the house.

Answers: 1

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6. Monthly Mortgage payments can be found using the formula Below: M-PG2)(1+1)"

(1+12"...