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What is the down-payment

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Sabrina has decided to invest her savings in real estate. 20 months ago, she purchased a duplex for $800,000. She could afford to make a down-payment of $50,000. The bank gave her a 30-year mortgage with constant monthly payments at a quoted APR of 12% with semi-annual compounding. Today, (after making her last monthly payment to the bank) Sabrina was able to resell her property for $815,000. With the money she has left after paying the bank for the remaining mortgage, Sabrina will make a down-payment on a new property. What is the down-payment she can make on this new property? Hint: First find the monthly payments she must make.

Reference no: EM132673443

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