Question
A $104,000 selling price with $24,000 down at 81∕ % for 25 years results in a monthly payment of 2
A. $654.60.
B. $546.06. C. $645.60. D. $644.80.
Answer: C????
A. $654.60.
B. $546.06. C. $645.60. D. $644.80.
Answer: C????
Answers
Reiny
So PV = 80,000
i = .085/12 = .0070833333....
n = 12(25) = 300
payment = x
x(1 - 1.00708333..^-300)/.00708333...) = 80,000
x = 644.18
which is none of the choices, D would come closest
i = .085/12 = .0070833333....
n = 12(25) = 300
payment = x
x(1 - 1.00708333..^-300)/.00708333...) = 80,000
x = 644.18
which is none of the choices, D would come closest