Answer :
Answer:
$1486.41.
Step-by-step explanation:
Purchase price = $309,900
Down payment percent = 20 %
Remaining amount Percentage = 100-20 = 80%
Mortgage amount = [tex]309900 \times 0.80[/tex]
=[tex]247920[/tex]
Formula of monthly payment : [tex]P =\frac{\frac{rM}{1 -(1 +\frac{r}{n})^-{nt}}}{n}[/tex]
where P = the payment,
r = the annual rate =6% = 0.06
M = the mortgage amount = $247920
t = the number of years=30
n = the number of payments per year= 12
Substitute the values.
[tex]P =\frac{\frac{0.06 \times 247920}{1 -(1 +\frac{0.06}{12})^-{12\times 30}}}{12}[/tex]
[tex]P=1486.40566196[/tex]
Hence the monthly payment is $1486.41.
Thus Option C is correct.
Answer:
C
Step-by-step explanation:
Edge 2020 says i was right for the quiz