A person wants to buy a house. The total fixed price for the house is $275,000. The person will put a down payment of 20%. The interest rate is 5.1% fixed for 30 year term. How much down payment will the person put down? What is the monthly payment? How much of total interest will the person pay over 30 years?.
Let's define the variables for this one, and then hopefully someone will solve it.
Present Value (PV) = $275,000 x (1 - 20%)
Interest rate (I) = 5.1% annual rate
Number of periods (N) = 30 x 12