309,900.00
<span>-61,980.00 20% down
</span>
<span>
<span>
<span>
247,920.00
</span>
</span>
</span>
rate = (6 / 1,200) = .005
months = 360
(See attached for loan payment formula)
Monthly Payment = [.005 + .005 / ((1.005^360)-1)] * 247,920.00
Monthly Payment = [.005 + .005 /
((<span>
<span>
<span>
6.02257521226299)-1)] * 247,920.00
</span></span></span>Monthly Payment = [.005 + (.005 / <span>5.02257521226299)] * 247,920.00
</span>Monthly Payment = [.005 +
<span>
<span>
<span>
0.0009955053
</span>
</span>
</span>
] * 247,920.00
Monthly Payment = [
<span>
<span>
<span>
0.0059955053 ] * 247,920.00
</span></span></span>Monthly Payment =
<span>
<span>
<span>
1,486.41
</span>
</span>
</span>
answer is "c"
<span><span /></span>
