309,900.00
-61,980.00 20% down
247,920.00
rate = (6 / 1,200) = .005
months = 360
(See attached for loan payment formula)
Monthly Payment = [.005 + .005 / ((1.005^360)-1)] * 247,920.00
Monthly Payment = [.005 + .005 /
((
6.02257521226299)-1)] * 247,920.00
Monthly Payment = [.005 + (.005 / 5.02257521226299)] * 247,920.00
Monthly Payment = [.005 +
0.0009955053
] * 247,920.00
Monthly Payment = [
0.0059955053 ] * 247,920.00
Monthly Payment =
1,486.41
answer is "c"
