Ou purchase a $255,000 house and you pay 20 percent down. you obtain a fixed-rate mortgage where the annual interest rate is 5.85 percent and there are 360 monthly payments. what is the monthly payment?

a. $1,215.27
b. $1,203.48
c. $1,194.45
d. $1,367.22
e. $1,504.35

B. $1,203.48

Explanation:

In order to solve this you first have to figure out how much of it you borrowed fmor the bank, so if the house is $255,000 the 20% down pay would be 51,000, so 255,000 minus 51,000= $204,000, over 30 years with an annual interest rate of 5.85 percent thats 1,203.48 dollars a month for the next 360 months or 30 years.

i might look it up later.