If the purchase price for a house is $309,900, what is the monthly payment if you put 20% down for a 30 year loan with a fixed rate of 6%?

$1,486.41

Step-by-step explanation:

Purchase price for a house is $309,900 and you put 20% down for a 30 year loan with a fixed rate of 6%.

The amount made by down payment is,

The amount left for monthly payment is,

We know that,

Here,

PV = Present Value = $247,920,

P = Monthly payment,

r = Monthly rate of interest =

n = number of months = 30 years = 360 months

Putting the values,

the one below it is a function

the correct answer would be c