# If the purchase price for a house is \$309,900, what is the monthly payment if you put 20% down for a 30 year loan with a fixed rate of 6%? a. \$729.98 b. \$912.48 c. \$1,486.41 d. \$1,858.01 A. Not to sure, I'm not a math expert. I could be wrong.

\$1486.41.

Step-by-step explanation:

Purchase price = \$309,900

Down payment percent = 20 %

Remaining amount Percentage  = 100-20 = 80%

Mortgage amount =

=

Formula of monthly payment :

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.

Hence the monthly payment is \$1486.41.

Thus Option C is correct.

C

Step-by-step explanation:

Edge 2020 says i was right for the quiz

## Related Questions

What is the square root of 9​

The square root of 9 is 3

3

Step-by-step explanation: if you multiply 3 by 3 it is 9 so 3 is the square root of 9

Two students were given the expression shown to simplify. Use the drop-down menus to complete the statements about whether each student's answer is an equivalent expression. Then choose an expression that is equivalent. 6 - (2 - 4x) Sophia: 6+2+4x
Sophia's expression is incorrect/correct because ______.

Ursula: 6−(−2x)
Ursula's expression is incorrect/correct because _______.

Equivalent Expression
A correct equivalent expression is ______.

Step-by-step explanation:

6 - (2 - 4x)

sophia : 6 + 2 + 4x

sophia's expression is incorrect because she didn't distribute the negative sign thru the parenthesis correctly.

ursula : 6 - (-2x)

ursula's expression is incorrect because....well....I dont know how she got what she got...she possibly subtracted 2 from - 4x and got -2x

a correct equivalent expression is : 6 - 2 + 4x or 4 + 4x

Sophia's expression is incorrect because she did not multiply 2 by -1 correctly.

Ursula's expression is incorrect because she cannot simplify 2-4x.

A correct equivalent expression is 6-2+4x.

What can I say? I got this correct on ttm.

Hope you have a great day~

find the amount of money in an account playing 4.75% interest compounded weekly (n=52) 5 years after \$2000 is deposited

\$2535.88

Step-by-step explanation:

Using the compound interest formula Accrued Amount = P (1 + r/n)^(nt)

where Accrued amount is to be determined

P = principal; \$2000

r = 4.75% = 0.0475

t = number of years = 5

n = number of times interest is compounded = 52

Therefore

Accrued amount = 2000 (1 + 0.0475/52)^(5x52)

= 2000 x (1.000913)^260

= 2000 x 1.2679

= \$2535.88

Which expression is equivalent to 9(15)? 9(1 + 5)

9(10 + 5)

9(1 + 50)

9(10 + 50)