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22 March, 10:15

James chu purchased a home for $113,400. as a first-time homeowner, the bank only requires a 5% down payment. the rest is financed at 6.5% for 30 years. what is the amount of her monthly payment?

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Answers (2)
  1. 22 March, 11:54
    0
    We are asked to solve James Chu monthly payment. The given values are shown below:

    Amount = $113,400

    Downpayment = 5% * $113,400 = $5,670

    Additional 6.5% for 30 years = 6.5% * ($113400-$5670) = $7,002.45

    Solving for the monthly payment, we have:

    Monthly = ($113400 - $5670 + $7002.45) / 30*12

    Monthly = $318.7

    The answer is $318.7 per month.
  2. 22 March, 14:13
    0
    The answer choices are:

    $597.25

    $609.50

    $652.30

    $680.85
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