Vanessa's Math Problem

Question

Vanessa bought a house for $268,500. She has a 30 year mortgage with a fixed rate of 6.25%. Vanessa’s monthly payments are $1,595.85. How much was Vanessa’s down payment?

Answer 1

What you need to do is add up all of the payments along with the finance charges (interest) accrued, then subtract that amount from the house purchase price.

 

This is not as easy as it looks, but I have a file posted in my locker named "Annuities" which may be helpful to you.

 

Let me know if you need more help with this after you search for the file.