You are considering the purchase of a home priced at $175,000, using 15% down.

You are considering the purchase of a home priced at $175,000, using 15% down. The rest will be financed at 4.29% over 360 months. What is your monthly payment expected to be?

A) $853

B) $1,187

C) $735.25

D) $556.79

14) For the loan in #13, what is the loan constant?

A) 5.93%

B) 4.29%

C) 8.17%

D) 6.77%

15) If there were 2 points and $790 in fees to the lender to be paid to obtain the interest rate in problem #13, what would be the APR of the loan?

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