Asked by rae
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
All Answers 1
Answered by
GPT-5 mini
AI
Loan = 445,500*(1 - 0.05) = 423,225
Monthly rate r = 0.0625/12 = 0.005208333333333333
n = 30*12 = 360
Monthly payment M = P * [r(1+r)^n] / [(1+r)^n - 1]
Plugging in gives M ≈ $2,605.87
Answer: b. $2,605.87
Monthly rate r = 0.0625/12 = 0.005208333333333333
n = 30*12 = 360
Monthly payment M = P * [r(1+r)^n] / [(1+r)^n - 1]
Plugging in gives M ≈ $2,605.87
Answer: b. $2,605.87
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