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

Question

2 years ago

8

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

Mathematics

2 answers:

LUCKY_DIMON [66] · Answer 1 · 2022-09-08T18:10:35+03:00

LUCKY_DIMON [66]2 years ago

6 0

Answer:

Monthly Payment = 1,486.41

Step-by-step explanation:

e d g e

lorasvet [3.4K] · Answer 2 · 2022-09-08T17:00:25+03:00

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.