Engineering Middle School

Fixed rate mortgage offer:

Purchase price: $170,000

Down payment ($34K): 20%

Term: 30 years

Interest rate: 4.25%

Property tax (yearly): $1,500

Homeowner’s insurance (yearly): $1,000

The total monthly payment Demarco and Tanya should anticipate is

$1,700.

$669.

$877.

$1,200.

Answers

Answer 1

Answer:

$669

Step-by-step explanation:

The question following this one is $877 Hopefully this clears any confusion from the comments under the other answer!

Answer 2

The total monthly payment Demarco and Tanya should anticipate is the amount of $877.

What exactly is a monthly payment?

A monthly payment is a payment made every month to pay off loans or advances. It's similar to EMI.

Fixed-rate mortgage offer:

Purchase price: $170,000

Down payment ($34K): 20%

Term: 30 years

Interest rate: 4.25%

Property tax (yearly): $1,500

Homeowner’s insurance (yearly): $1,000

Here P = $170,000 - $34,000 = $136,000 , r = 4.25%, and T = 30 years

First, we will compute the total interest for the loan

I = P × R × T

I = (175000 - 34000)(0.08)(30)

I = (136000 )(0.0425)(30)

I = $173400

Next, compute the maturity value which is the principal plus the interest

M = 136000 + 173400 + 2500×30

M = 315720

Now, compute the monthly payment by dividing the maturity value by the number of

months in the loan.

Monthly payment = M ÷ 360

Monthly payment = 315720 ÷ 360

Monthly payment = $877

Thus, the total monthly payment Demarco and Tanya should anticipate is the amount of $877.

Learn more about the monthly payments here:

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