You want to buy a house with a $30,000 down payment
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You want to buy a house with a $30,000 down payment

You want to buy a house with a $30,000 down payment. The loan amount is $297,000. The annual interest rate is 3 ¾ % and the loan is for 360 months. What are your monthly payments?

Hint
Accounts & Finance"Here, the equal monthly payment could be calculated by the given formula, which is :   [ P × r × ( 1 + r ) ^ n ] ÷ [ ( 1 + r ) ^ n - 1 ] Here, P = $30,000R = 3 3/4 %& n = 360 months"...

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