You purchase a $255,000 house and you pay 20% down. You obtain a fixed-rate mortgage where the annual interest rate is 5.85% and there are 360 monthly payments. What is the monthly payment?
A) $1,215.27
B) $1,203.48
C) $1,194.45
D) $1,367.22
E) $1,504.35 0.80*$255,000 = Pmt *PVIFA (0.0585/12, 360 months) ; Pmt = 1,203.48
Correct Answer:
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