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the turners have purchased a house for $150,000. they made an initial down payment of $30,000 and secured a mortgage with interest charged at the rate of 9% per year on the unpaid balance. what monthly payments will the turners be required to make?

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Tundexi

The monthly payment required to be made is Amortization

Here, we need to calculate the monthly payments that turners must make as a result of the purchase of house with mortgage agreement

Given information are

  • Purchased value = $150,000
  • Initial down payment = $30,000
  • Mortgage interest charged at 9% per year on the unpaid balance.

In conclusion, the monthly payments which is required of turners to make is  an amortization because invovles the process of paying off s debt through scheduled installments using component of the principal & interest for calculation.

Learn more about how Amortization here

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