Respuesta :
Ella purchases a new house for $300,000. Her monthly payment is $1,835.98
Option B is correct.
Are the monthly payments better?
Monthly payments make budgeting easier, but they're not always the best option when it comes to paying off your mortgage faster. Comparing to biweekly payments, you'll pay more in interest over the life of your home loan. This is true whether your mortgage interest rate is low, fixed, or adjustable.
Calculating the problem:
Loan Amount = Purchase Price - Down-payment
= $300,000 - [0.20 × $300,000] = $300,000 - $60,000
= $240,000
Monthly Payment = [Loan Amount × r] / [1 - (1 + r)-n]
= [$240,000 × (0.045/12)] / [1 - {1 + (0.045/12)}-(15 × 12)]
= $900 / 0.4902
= $1,835.98
Hence, Option B is correct.
What is the monthly payment?
The monthly payment is the amount paid each month to repay the loan over the life of the loan. When a loan is withdrawn, not only the principal amount, or the original amount lent, must be repaid, but also the accrued interest.
What does monthly amount mean?
Monthly Payment Amount means, for each Payment Date, a payment equal to the amount of interest accrued in the relevant Accumulation Period, calculated at the Interest Rate.
Learn more about monthly payments :
brainly.com/question/2151013
#SPJ4
