(adsbygoogle = window.adsbygoogle || []).push({}); 1. The problem statement, all variables and given/known data

Rebecca and Tom Payton have decided to buy a home that costs $200,000. The Paytons can put down 20% of the home's price. They have applied for a 15-year, 9% FRM to finance the balance. They Paytons have a combined gross annual income of $70,000.

How much will the Paytons pay to satisfy their mortgage loan, if they make all the payments on time for the amount being financed?

3. The attempt at a solution

I don't know where to start.

I got 200,000(.20) = 40000

Then I don't know where to go after that.

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# Homework Help: Finances- PreCalc

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