Algebra II.3.E.32 - Buying a House – Exit Ticket

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2 questions

Follow the directions below.

Suppose that you want to buy a house that costs $175,000. You can make a 10% down payment, and 1.2% of the house’s value is paid into the escrow account each month. a. Find the monthly payment for a 30-year mortgage on this house. b. Find the monthly payment for a 15-year mortgage on this house.

From EngageNY.org of the New York State Education Department. Grade Algebra II Mathematics Module 3, Topic E, Lesson 32. Internet. Available from https://www.engageny.org/resource/algebra-ii-modul...; accessed 21/Apr/2016.