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

Option B 2605.87 dollars is the right answer

Step-by-step explanation:

Given that purchase price for a house if

445,500

Tenure of loan = 30 years

Down payment =5% = 22775

Loan amount = 445500-22775 =422725

Rate of interest - 6.25%

Hence for the above information monthly payment would be

EMI for 30 year loan of 422725 at the rate of 6.25%

is b) 2605.87

you can first factor out the n to get n(1+5). we know that 1+5 is 6, so we just have 6n.