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Ganezh [65]
3 years ago
15

If the purchase price for a house is $345,000, what is the monthly payment if you put 10% down for a 30 year loan with a fixed r

ate of 6.375%?
a. $1,569.27
b. $1,937.12
c. $2,152.35
d. $3,314.59
Mathematics
2 answers:
Sloan [31]3 years ago
8 0
The Answer is B) 1937.12
xenn [34]3 years ago
8 0

Answer:

b. $1,937.12

Step-by-step explanation:

Given,

Purchasing price of house = $345,000,

Down payment = 10 % of the purchasing price

=\frac{345000\times 10}{100}

=\frac{34500000}{100}

=\$34500

Thus, the principal value of the loan, P.V. = Purchasing price - Down payment

= $345,000 - $34500

= $ 310500

Also, the annual rate of percentage = 6.375% = 0.06375,

⇒ The rate per month, r= \frac{0.06375}{12}

Time, n = 30 years = 360 months

We know that,

The monthly payment of a loan is,

P=\frac{r(P.V.)}{1-(1+r)^{-n}}

=\frac{\frac{0.06375}{12}(310500)}{1-(1+\frac{0.06375}{12})^{-360}}

=1937.11603586\approx \$1937.12

⇒ Option B is correct.

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