If the purchase price for a house is \$445,500, what is the monthly payment if you put 5% down for a 30 year loan with a fixed rate of 6.25%? a. \$2,740.19 b. \$2,605.87 c. \$1,314.84 d. \$1,249.10
445,500 * .05 = 22,275 445,500 - 22, 275 = 423,225 423, 225 *.0625 = 26451.56 423,225 + 26451.56 = 449676.56 449676.56 / 360 = 1249.10 The monthly payment is \$1,249.10
Question
Updated 4/8/2014 8:37:09 AM
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445,500 * .05 = 22,275
445,500 - 22, 275 = 423,225
423, 225 *.0625 = 26451.56
423,225 + 26451.56 = 449676.56
449676.56 / 360 = 1249.10
The monthly payment is \$1,249.10

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