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: 1. 140 times
Step-by-step explanation:
Answer:
need to sell 97 bottles of water
Step-by-step explanation:
36.75 + 180 = 2.25x
216.75 = 2.25x
divide both sides by 2.25
x = 96.33333
Answer:
(y - 3)(y - 5)
Step-by-step explanation:
Consider the product of the factors of the constant term which sum to give the coefficient of the y- term
product = + 15, sum = - 8
The factors are - 3 and - 5
y² - 8y + 15 = (y - 3)(y - 5)
Given :
The cost of 5 pounds of boudin is $26.
To Find :
The constant of proportionality that relates the cost in dollars y, to the number of pounds of boudin x .
Solution :
Price per boudin in terms of x and y is :
Price per boudin by given data :
So,
Therefore, the constant of proportionality is 
.
Hence, this is the required solution.
