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22 May, 04:51

If the purchase price for a house is $309,900, what is the monthly payment if you put 20% down for a 30 year loan with a fixed rate of 6%? a. $729.98 b. $912.48 c. $1,486.41 d. $1,858.01

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  1. 22 May, 05:08
    0
    The answerto your question is c
  2. 22 May, 06:57
    0
    This can be solved using this formula:

    P = [ (rM) / (1 - (1 + r/n) ^-nt) ] / n

    Where P = the payment, r = the annual rate, M = the mortgage amount, t = the number of years, and n = the number of payments per year.

    Solve for M = 309,900 x 0.80 = $247,920

    P = [ (0.06*247,920) / (1 - (1 + 0.06/12) ^-12*30) ] / 12

    P = $1486.41
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