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

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

fixed rateand 20%down paymentis equals to $729.98a.$729.98fixed rateand 20%down paymentis equals to $729.98a.$729.98down paymenthere