James chu purchased a home for $113,400. as a first-time homeowner, the bank only requires a 5% down payment. the rest is financed at 6.5% for 30 years. what is the amount of her monthly payment?

Question

Business

Lauren

5 July, 19:34

James chu purchased a home for $113,400. as a first-time homeowner, the bank only requires a 5% down payment. the rest is financed at 6.5% for 30 years. what is the amount of her monthly payment?

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Answers (2)

Know the Answer?

Carley Ramsey · Answer 1

The answer choices are:

$597.25

$609.50

$652.30

$680.85

Agustin Bruce · Answer 2

We are asked to solve James Chu monthly payment. The given values are shown below:

Amount = $113,400

Downpayment = 5% * $113,400 = $5,670

Additional 6.5% for 30 years = 6.5% * ($113400-$5670) = $7,002.45

Solving for the monthly payment, we have:

Monthly = ($113400 - $5670 + $7002.45) / 30*12

Monthly = $318.7

The answer is $318.7 per month.