You Put Down 20% on a Home with a Purchase

question 37

Multiple Choice

You put down 20% on a home with a purchase price of $300,000. The down payment is thus $60,000, leaving a balance owed of $240,000. The bank will loan you the remaining balance at 4.28% APR. You will make annual payments with a 20-year payment schedule. What is the annual annuity payment under this schedule?

• A) $18,100.23
• B) $22,625.29
• C) $12,000.00
• D) $33,785.23

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