The monthly payment if we put 5% down for a 30-year loan with a fixed rate of 6.25% is (B) $2,605.87 (approx).
<h3>
What is a loan?</h3>
- A loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, or other entities in finance.
- The recipient (i.e., the borrower) incurs a debt and is typically required to pay interest on that debt until it is repaid, in addition to repaying the principal amount borrowed.
- The document evidencing the debt will typically include information such as the principal amount borrowed, the interest rate charged by the lender, and the date of repayment.
- A loan is the temporary reallocation of the subject assets between the lender and the borrower.
To find the monthly payment if we put 5% down for a 30-year loan with a fixed rate of 6.25%:
- The purchase price is = $445500
- 5% is down payment = 0.05 × 445500 = 22275
- Loan amount is = 445500 - 22275 = 423225
- The EMI formula is = [p × r (1+r)ⁿ]/[(1+r)ⁿ-1]
- p = 423225
- r = 6.25/12/100=0.0052
- n = 30 × 12 = 360
- Putting the values in the formula we get:
- [423225 × 0.0052 × (1.0052)³⁶⁰]/[(1.0052)³⁶⁰-1]
- = $2603.17
Therefore, the monthly payment if we put 5% down for a 30-year loan with a fixed rate of 6.25% is (B) $2,605.87 (approx).
Know more about loans here:
brainly.com/question/26011426
#SPJ4
The correct question is given below:
If the purchase price for a house is $445,500, what is the monthly payment if you put 5% down for a 30-year loan with a fixed rate of 6.25%?
a. $2,740.19
b. $2,605.87
c. $1,314.84
d. $1,249.10
(74 + 78 + 70 + x) / 4 = 80
Divide each number by 4.
18.5 + 19.5 + 17.5 + x = 80
Add the numbers you know so far.
18.5 + 19.5 + 17.5 = 55.5
You need 24.5.
Now, since we divided all the others by 4, we have to multiply 24.5 by 4 to see what the exam score would be.
24.5 * 4 = 98.
To get an average of 80%, the student would need to get a 98 on their fourth exam.
Answer:
23/6
Step-by-step explanation:
3 5/6 multiply 6 times 3 then add 5 which is 23 then take six and is the denominator and 23 is the numerator
It depends if the 12 spice jars are all different.
If they are:
_ _ _ _ _ _ _ _ _ (9 spaces)
12*11*10*9*8*7*6*5*4
12 possibilities for first one, 11 for second, etc...
Multiply out to get:
79833600
