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amanda_
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Homework Statement
Rebecca and Tom Payton have decided to buy a home that costs $200,000. The Paytons can put down 20% of the home's price. They have applied for a 15-year, 9% FRM to finance the balance. They Paytons have a combined gross annual income of $70,000.
How much will the Paytons pay to satisfy their mortgage loan, if they make all the payments on time for the amount being financed?
The Attempt at a Solution
I don't know where to start.
I got 200,000(.20) = 40000
Then I don't know where to go after that.
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