Question
In: Finance
Ella purchases a new house for $400,000. She put 20% down and will finance the rest...
Ella purchases a new house for $400,000. She put 20% down and will finance the rest over 30 years at 4.5%. What is her monthly payment? Group of answer choices $1,721.35. $1,621.4 $405.34 $1,635.98.
Solutions
Expert Solution
Loan Amount = (1 - 0.20)(400,000) = $320,000
Calculating Monthly Payment,
Using TVM Calcuation,
PMT = [PV = 320,000, FV = 0, N = 360, I = 0.045/12]
PMT = $1,621.4
jeff jeffy answered 2 years agoRelated Solutions
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