Mortgage

Look at the video to solve the problem: Tim bought a house for 250,000. He makes a down payment of 15% of the purchase price and takes a 30-year mortgage for the balance. He pays $1500 monthly. Calculate

(i) the down payment

(ii) the total mortgage to be paid after the 30 years.

Step 1: ?

Step 2:?

Step 3:? ....

1. Read the question

2. Write important information such as the fixed interest rate, the marked price of the house, the down payment, monthly instalments, time period

3.a Write down the downpayment in cash if given if not complete step 3b

3b. Convert the downpayment from a percentage of the marked price to cash.

4. Calculate the number of payments for the time period.

5. Multiply the number of payments by the cost of each instalment

6. Add step 5 to the downpayment to determine the amount paid after the 30 years.