Answer:
$1,369.25
Step-by-step explanation:
Mr. and Mrs. Wong purchased their new house for $350,000.
They made a down payment of 20%
Down payment = 20% of 350000
= $70,000
Loan amount, P = $350,000 - $70,000
= $280,000
Rate of interest, r = 4.2% or 0.042
Time, t = 30 years
Number of period, n = 12 ( monthly )
Formula:
Substitute the values into formula
E = $1,369.25
Hence, The monthly payment for their mortgage will be $1,369.25