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30 September, 02:39

If the purchase price for a house is $218,500, what is the monthly payment if you put 3.5% down for a 30 year loan with a fixed rate of 6.5%?

a. $1,332.73

b. $1,378.19

c. $1,247.54

d. $646.40

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Answers (1)
  1. 30 September, 02:55
    0
    218,500*.035=7,647.50

    218,500-7,647.50=210,852.50

    use the formula

    210,852.50 ((1 - (1+.065/12)) ^ (-360)) / (0.065/12))

    The answer comes out to be $1,332.73

    So the Answer is B.
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