Determining Cash Down Payment

You want to purchase a beach house for $220,000 funding as much of the cost as possible with a home mortgage loan. Banks are currently offering standard thirty year mortgages at 8% (monthly compounding). Unfortunately, you can only afford payments of $1.500.00 per month. How much cash will you need for a down payment in order to by the home? (Round to the nearest dollar)

© SolutionLibrary Inc. solutionlibary.com 9836dcf9d7 https://solutionlibrary.com/business/accounting/determining-cash-down-payment-3e18