You Have Contracted to Buy a House for $250,000,paying $30,000

question 64

Multiple Choice

You have contracted to buy a house for $250,000,paying $30,000 down and taking out a fully amortizing loan for the balance,at a 5.7% annual rate for 30 years.What will your monthly payment be if they make equal monthly installments over the next 30 years (to the nearest dollar) ?

• A) $1,035
• B) $1,123
• C) $1,189
• D) $1,277

---

Definitions:

Business Incubators

Organizations or initiatives designed to support startups and young businesses by providing resources, mentorship, and sometimes capital or office space to foster growth and success.

Home-Based Business

A business operation that is conducted primarily from the owner's home, often characterized by lower overhead costs and flexible working hours.

Lower Costs

Reduction in the expenditure or price associated with purchasing or producing something.

Greater Visibility

Increased awareness or recognition, often referring to a company's brand, products, or services in the marketplace or amongst consumers.