The monthly payment if you put 3. 5% down is a. $1,332. 73.
Down payment=218,500 - (218.500×3.5%)
Down payment=218.500-7,647.5
Down payment=210,852.50
Time = 12×30=360 months
rate=6.5/1,200 = 0.005416667
Using the loan payment formula
Monthly payment = (Rate + [Rate / (((1 + rate)^months) -1)] × Principal
Let plug in the formula
Monthly payment = (0.005416667 + [0.005416667 / (((1.005416667)^360)-1)] × principal
Monthly payment = (0.005416667 + [0.005416667 / (((1.005416667)^360)-1)] ×principal
Monthly payment = 0.005416667 + [(0.005416667 / 6.9917988084 -1)] ×210,852.50
Monthly payment = 0.005416667 + [(0.005416667 / 5.9917988084)] × 210,852.50
Monthly payment = 0.005416667 + [(0.005416667 / 5.9917988084)] × 210,852.50
Monthly payment = (0.005416667 + 0.0009040135) × 210,852.50
Monthly payment = 0.0063206805× 210,852.50
Monthly payment = 1,332.73
Inconclusion the monthly payment if you put 3. 5% down is a. $1,332. 73.
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