The house purchase price is mathematically given as
$68140
This is further explained below.
Generally, Principal, interest, property taxes, and mortgage insurance are the basic components that make up a monthly mortgage payment. The Principal amount is the part of the payment that goes toward reducing the total amount still owed on the loan.
The cost of borrowing money is represented by the interest rate. Your interest rate and the outstanding balance on your loan are the two main factors that go into calculating the amount of interest you have to pay.
The equation of the principle amount is mathematically given as
[tex]P V=A\left[\frac{1-\left(\frac{1}{1+r}\right)^n}{r^{(p)}}\right][/tex]
Number of Periods/Years (n) = 15
Nominal Rate Of Interest (r(12)) = 0.06
Regular Withdrawal (A) = $5520
Therefore
[tex]\\P V=5520 * \frac{1-\left(\frac{1}{1+0.06168}\right)^{15}}{0.06} \\\\P V=\$ 54511.61675\end{gathered}[/tex]
Therefore
[tex]Price =54511.61675*(5/4)[/tex]
=68139.5209
=68140
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