Project #6355 - Math Finance

Mike buys a home in New York for $220,000.  He makes a 10% down payment and finances the remaining balance with a 15 yea mortgage. Interest is 2.875% compounded monthy

a) What equal monthly payment shoul he make at the end of each month to arortize the loan by the end of the 15th year?

 

b) What is the total amount of interest that Mike will pay?

Subject Mathematics
Due By (Pacific Time) 05/18/2013 12:00 pm
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