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

   Learn more about down payment here

   brainly.com/question/1114543

   #SPJ4

   Reply