Answer: $858.67 Monthly Repayment
Explanation:
Total Loan = $120,000
Less Initial deposit of $12,000
Balance loan= $108,000
Add 2% originating & Processing fee = $120,000 * 2% = $2,400
Total Loan = $108,000+$2,400 = $110,400
Int accrued for 30 years on $110,400 * 6% = $6,624 * 30=$198,720
Total loan plus Int = $110,400+$198,720= $309,120/360(30*12) = 858.6666
Monthly payment = $858.67
