Mr. and mrs. wong purchased their new house for $350,000. they made a down payment of 20%, and amortized the rest over 30 years. if the interest rate is 4.2%, which of the following is their correct monthly mortgage payment?

$1,369.25

Step-by-step explanation:

Mr. and Mrs. Wong purchased their new house for $350,000.

They made a down payment of 20%

Down payment = 20% of 350000

                        = $70,000

Loan amount, P = $350,000 - $70,000

                         = $280,000

Rate of interest, r = 4.2% or 0.042

Time, t = 30 years

Number of period, n = 12 ( monthly )

Formula:

Substitute the values into formula

E = $1,369.25

Hence, The monthly payment for their mortgage will be $1,369.25

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step-by-step explanation:

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