Answer:
Explanation:
Sure, I can help you with the calculations for buying a $169,000 home with a 10% down payment and a 30-year loan at 3.65% interest.
The amount of the down payment is 10% of the total cost of the home, which is $169,000, so the down payment is:
0.1 x $169,000 = $16,900
The remaining amount of the home that needs to be financed is:
$169,000 - $16,900 = $152,100
To calculate the monthly payment for the 30-year loan at 3.65% interest, we can use the formula for a fixed-payment loan:
P = (r * A) / (1 - (1 + r)^(-n))
where:
P = monthly payment
r = monthly interest rate (3.65% / 12 = 0.00304167)
A = loan amount ($152,100)
n = total number of payments (30 years * 12 months/year = 360)
Plugging in the numbers, we get:
P = (0.00304167 * $152,100) / (1 - (1 + 0.00304167)^(-360))
P ≈ $698.80
So the monthly payment for the loan is approximately $698.80.