By working with percentages we will see that the down payment is of $11,010 and the first monthly payment is of $275.25
How to work with percentages?
First, the total cost is $110,100.
And we know that you initially pay the 10% of that, so the amount that you pay initially is:
P = 0.10* $110,100 = $11,010
So the down payment is of $11,010
The rest is financed over 30 years, so the rest is:
$110,100 - $11,010 = $99,090
Dividing by the number of months:
N = ( $99,090)/(30*12) = $275.25
And there is an interest of the 9%, then the amount that you pay on month x is given by:
[tex]P(x) = $275.25*(1.09)^{x-1}[/tex]
Currently (on the first month, so x = 1)
Your pay will be of $275.25
If you want to learn more about percentages:
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