If 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

b. $2,605.87

Step-by-step explanation:

The price of the house is $445,500. You put 5% down for 30 year loan with a fixed rate of 6.25%.

So the current amount to be paid is,

We know that,

Here,

PV = Present value of annuity = $423,225

P = payment per period,

r = rate of interest per period = monthly

n = number of period = 30 years = 360 months,

Putting the values,

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