Consumer math Worksheet Mortgage payment & GDSR ...

a) The monthly mortgage payment. Step1, down payment = $240,000u 20% $48,000 The total Mortgage = $240,000 $48,000 $192,000 Step2, check Table 4 Amortization Table (page 27 Essential Mathematics 12) The amortization factor, with 8.75% Interest rate over 25 years, is $ 8.12 per $1000 mortgage. Monthly mortgage payment $1559.04 $1000 $8.12 $192,000 u ................
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