You Put Down 20% on a Home with a Purchase

question 74

Multiple Choice

You put down 20% on a home with a purchase price of $150,000, or $30,000. The remaining balance will be $120,000. The bank will loan you this remaining balance at 4.375% APR. You will make monthly payments with a 20-year payment schedule. What is the monthly annuity payment under this schedule?

• A) $751.11
• B) $830.53
• C) $910.12
• D) $5,250.18

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