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Monthly payment on the amount of loan of house for 30years with 6.5%fixed rate and 3.5%down payment is equals to $623.77.
What is down payment?
" Down payment is defined as the amount which is paid at the time of purchase and rest amount is paid in installment."
According to the question,
Purchase price of house = $218,500
Down payment = 3.5% of 218,500
= $7647.5
Amount to be paid after down payment = $218,500 - $7647.5
= $210,852.50
Rate of interest on loan amount = 6.5%
Amount on fixed rate = [tex](210,852.50 )( \frac{6.5}{100})[/tex]
= $13705.4125
Total amount = $210,852.50 + $13705.41
= $224,557.91
Time of loan payment = 30 years
= 360 months
Monthly payment = [tex]\frac{224,557.91}{360}[/tex]
= $623.77
Hence, monthly payment on the amount of loan of house for 30years with 6.5%fixed rate and 3.5%down payment is equals to $623.77.
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