Answer:
$1486.41.
Step-by-step explanation:
Purchase price = $309,900
Down payment percent = 20 %
Remaining amount Percentage = 100-20 = 80%
Mortgage amount = \(309900 \times 0.80\)
=\(247920\)
Formula of monthly payment : \(P =\frac{\frac{rM}{1 -(1 +\frac{r}{n})^-{nt}}}{n}\)
where P = the payment,
r = the annual rate =6% = 0.06
M = the mortgage amount = $247920
t = the number of years=30
n = the number of payments per year= 12
Substitute the values.
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Hence the monthly payment is $1486.41.
Thus Option C is correct.
