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).
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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
Answer:
135-x=c
Step-by-step explanation:
135 is what she has, when you subtract (x) which is what she sold, it should give you the amount she has left (c)
Answer:
Step-by-step explanation:
3x(5x+8y)=15x^2+24xy
4x(3x^2+5x-7)=12x^3+20x^2-28x
(3x+4y)(2x-7y)=6x^2+8xy-21xy-28y^2=6x^2-13xy-28y^2
(2-3a)(2a^2-3a+7)=4a^2-6a+14-6a^3+9a^2-21a=-6a^3+13a^2-27a+14
Answer:
8 to 25
Step-by-step explanation:
The total number of lunches sold i
220+120+160 =500
We want the ratio of salads to total lunches
salads: lunches
160: 500
Divide each side by 20
160/20 : 500/20
8:25
Answer:
Music place has the better buy
Step-by-step explanation:
Figure out how much they sell one for by diving the price by the quantity
CD Express offers 1 CD for $15
Music Place offers 1 CD fof $12.50
