If the purchase price for a house is $309,900, what is the monthly payment if you put 20% down for a 30 year loan with a fixed r ate of 6%? A. $729.98 b. $912.48 c. $1,486.41 d. $1,858.01 Please select the best answer from the choices provided A B C D
2 answers:
Answer:
Monthly Payment = 1,486.41
Step-by-step explanation:
e d g e
Answer:
The correct answer is A. $729.98.
Step-by-step explanation:
Given that the purchase price for a house is $ 309,900, to determine what is the monthly payment if you put 20% down for a 30 year loan with a fixed rate of 6%, the following calculation must be performed:
100 - 20 = 80
(309,900 x 0.80) x 1.06 / (30x12) = X
247,920 x 1.06 / 360 = X
262,795.2 / 360 = X
729.98 = X
Therefore, the monthly payments will be $ 729.98.
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