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The monthly payment if we put 5% down for a 30-year loan with a fixed rate of 6.25% is (B) $2,605.87 (approx).
<h3>
What is a loan?</h3>
- A loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, or other entities in finance.
- The recipient (i.e., the borrower) incurs a debt and is typically required to pay interest on that debt until it is repaid, in addition to repaying the principal amount borrowed.
- The document evidencing the debt will typically include information such as the principal amount borrowed, the interest rate charged by the lender, and the date of repayment.
- A loan is the temporary reallocation of the subject assets between the lender and the borrower.
To find the monthly payment if we put 5% down for a 30-year loan with a fixed rate of 6.25%:
- The purchase price is = $445500
- 5% is down payment = 0.05 × 445500 = 22275
- Loan amount is = 445500 - 22275 = 423225
- The EMI formula is = [p × r (1+r)ⁿ]/[(1+r)ⁿ-1]
- p = 423225
- r = 6.25/12/100=0.0052
- n = 30 × 12 = 360
- Putting the values in the formula we get:
- [423225 × 0.0052 × (1.0052)³⁶⁰]/[(1.0052)³⁶⁰-1]
- = $2603.17
Therefore, the monthly payment if we put 5% down for a 30-year loan with a fixed rate of 6.25% is (B) $2,605.87 (approx).
Know more about loans here:
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The correct question is given below:
If the purchase price for a house is $445,500, what is the monthly payment if you put 5% down for a 30-year loan with a fixed rate of 6.25%?
a. $2,740.19
b. $2,605.87
c. $1,314.84
d. $1,249.10
I hope this helps you
f (1+1)= f (1)+8
f (2)= 27+8
f (2)=35
f (2+1)= f (2)+8
f (3)= 35+8
f (3)=43
Answer:
4'9"
Method 1:
First, convert both numbers into inches. Remember that 1' = 12", and the rest is like a remainder.
7'5" = (7*12)+5 = 84+5 = 89
2'8" = (2*12)+8 = 24+8 = 32
Next, subtract the two numbers.
89 - 32 = ?
89 - 32 = 57
There's your answer! You can change it back into feet by dividing it by 12.
57 / 12 = 4.75 = 4'9"
Method 2:
Another way of solving this problem is to borrow from the "feet" place.
7'5" - 2'8"
You can't take 8 away from 5, so you borrow from the "feet" place. Remember that unlike normal borrowing, you need to add 12 instead of adding 10.
6'17" - 2'8" = 4'9"
Whichever method you choose, you should get the same answer!
(41/100)6.3= 2.583≈ 2.6
a✓
