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26 December, 23:10

Ou purchase a $255,000 house and you pay 20 percent down. You obtain a fixed-rate mortgage where the annual interest rate is 5.85 percent and there are 360 monthly payments. What is the monthly payment?

A. $1,215.27

B. $1,203.48

C. $1,194.45

D. $1,367.22

E. $1,504.35

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Answers (1)
  1. 27 December, 02:40
    0
    B. $1,203.48

    Explanation:

    In order to solve this you first have to figure out how much of it you borrowed fmor the bank, so if the house is $255,000 the 20% down pay would be 51,000, so 255,000 minus 51,000 = $204,000, over 30 years with an annual interest rate of 5.85 percent thats 1,203.48 dollars a month for the next 360 months or 30 years.
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Home » Business » Ou purchase a $255,000 house and you pay 20 percent down. You obtain a fixed-rate mortgage where the annual interest rate is 5.85 percent and there are 360 monthly payments. What is the monthly payment? A. $1,215.27 B. $1,203.48 C. $1,194.45 D.
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