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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 Please select the best answer from the choices provided A B C D.

Answer :

The purchase price is considered as the final price that is paid by the buyer. The purchase price involve commission or sales charges that are paid for the loan.

The monthly payment

Given Information:

  • Purchase price=$309,900.00
  • Monthly payment=20% of $309,900=61,980.00=247,920.00  
  • Fixed rate = (6 / 1,200) = .005
  • Months = 360

[tex]Monthly payment=(rate+\frac{rate}{((1+rate)^{months})-1 })* principal } [/tex]4

Monthly Payment = [.005 + .005 / ((1.005^360)-1)] * 247,920.00

Monthly Payment = [.005 + .005 / (( 6.02257521226299)-1)] * 247,920.00

Monthly Payment = [.005 + (.005 /  5.02257521226299)] * 247,920.00

Monthly Payment = [.005 + 0.0009955053 ] * 247,920.00

Monthly Payment = [ 0.0059955053 ] * 247,920.00

Monthly Payment = 1,486.41

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