You Need to Borrow $80,000 for a Down-Payment on a House

question 5

Short Answer

You need to borrow $80,000 for a down-payment on a house. You would like to pay the loan off in 15 years. With 9% interest on the loan, what will be your monthly payment?

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Definitions:

Debt

An obligation or amount of money owed by one party to another, typically as a result of a loan or credit arrangement.

Contracts

Legally enforceable agreements between two or more parties that create mutual obligations.

Assignee

The party to whom rights or properties are transferred in an agreement or by legal means.

Obligor

An obligor is an individual or entity legally obliged to provide a benefit or payment to another under the terms of a contract.