Craig Hammer purchased a new condominium for $225,000. The bank required a $30,000 down payment. Assuming a rate of 8% on a 25-year mortgage, Craig's monthly payment is (use the table in the handbook):
A)$1,431.30
B)$1,413.30
C)$1,505.40
D)$1,505.04
E)None of these

Question

Quizplus · Accepted Answer

The Answer of Craig Hammer purchased a new condominium for $225,000. The bank required a $30,000 down payment. Assuming a rate of 8% on a 25-year mortgage, Craig's monthly payment is (use the table in the handbook):
A)$1,431.30
B)$1,413.30
C)$1,505.40
D)$1,505.04
E)None of these

Craig Hammer Purchased a New Condominium for $225,000