You plan to purchase a $100,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25 percent. You will make a down payment of 20 percent of the purchase price.
Calculate your monthly payments on this mortgage.
I don't understand it so much. Like do i take 20 percent of the 100K then find the price? I have no idea… Someone please help.
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