A house sold for $350,000. The buyer made a 20% down payment. Monthly interest on the loan was $1,400. What was the interest rat
1 answer:
Answer:
the rate of interest will be 6%
Step-by-step explanation:
House sold for = $350,000
buyer made down payment of = 20 %
Monthly interest on loan was $1,400
interest rate on the loan = ?
down payment by the buyers = 20%
= 0.2 × 350,000 = 70,000
so, the interest will be on 350000- 70000 = 280,000
monthly payment of the interest is $1,400 yearly payment of the interest $1,400 × 1 2 = $ 16800
so the rate of interest will be =
= 6 %
hence, the rate of interest will be 6%
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