If the purchase price for a house is $218,500, what is the monthly payment if you put 3.5% down for a 30 year loan with a fixed rate of 6.5%?

a. $1,332.73

b. $1,378.19

c. $1,247.54

d. $646.40

Question

Mathematics

Hurst

29 February, 04:45

If the purchase price for a house is $218,500, what is the monthly payment if you put 3.5% down for a 30 year loan with a fixed rate of 6.5%?

a. $1,332.73

b. $1,378.19

c. $1,247.54

d. $646.40

+4

Answers (1)

Know the Answer?

Julianne Barron · Answer 1

218,500*.035=7,647.50

218,500-7,647.50=210,852.50

use the formula

210,852.50 ((1 - (1+.065/12)) ^ (-360)) / (0.065/12))

The answer comes out to be $1,332.73

So the Answer is B.

If the purchase price for a house is $218,500, what is the monthly payment if you put 3.5% down for a 30 year loan with a fixed rate of 6.5%?a. $1,332.73b. $1,378.19c. $1,247.54d. $646.40

If the purchase price for a house is $218,500, what is the monthly payment if you put 3.5% down for a 30 year loan with a fixed rate of 6.5%?

a. $1,332.73

b. $1,378.19

c. $1,247.54

d. $646.40