Question

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.$729.98b.$912.48c.$1,486.41d.$1,858.01 please select the best answer from the choices providedabcd Answers 1. The monthly payment on the amount of loan of house for 30 years with 6% fixed rate and 20% down payment is equals to$729.98
The correct answer is choice a.$729.98 For given question, Purchase price of house =$309,900
Down payment = 20% of 309,900
= $61980 Amount to be paid after down payment =$309,900 – $61980 =$247920
Rate of interest on loan amount = 6%
Amount on fixed rate = 6% of 247920
= 247920× (6 / 100)
=  $14875.2 Total amount =$247920 + $14875.2 =$262795.2
Time of loan payment = 30 years
= 360 months
Monthly payment = (262795.2) / 360
= $729.98 Hence, monthly payment on the amount of loan of house for 30 years with 6% fixed rate and 20% down payment is equals to$729.98
The correct answer is choice a.\$729.98
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