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).
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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
Answer:
the answer is A.
Step-by-step explanation:
to get the you would use the distributive property to multiple the 4 by the two term in the parentheses.
Answer:
$540.98
Step-by-step explanation:
future value= $ 50,000
number of deposits (n)= 8*12 = 96
rate (r) = 4% per month
= 4÷12 per annum
= 0.33% p.a
i = 0.33÷100
= 0.0033
We know,
Future value of annuity = P÷i [ (1 + i)^n - 1 ]
$50,000 = P÷ 0.0033 [ ( 1+0.0033)^96 - 1]
$50,000 * 0.0033=P [ (1.0033)^96 - 1 ]
$165 = P*0.305
P = $165÷0.305
P = $ 540.98
Rough::
let x= 1.0033)^96
log x = 96 * log (1.0033)
log x = 0.1156
x = Antilog (0.1156)
= 1.305
1.305 - 1 = 0.305
Answer:
The smallest number of colors needed to color the vertices of so that no two adjacent vertices share the same color.
the smallest value of possible to obtain a k-coloring.
Answer:
11.5 does
Step-by-step explanation:
