Final answer:
The monthly cost of the loan is approximately $1,551.59.
Step-by-step explanation:
To calculate the monthly cost of a loan for a $350,000 house with a 30-year loan at 3.4% APR, you can use the formula for the monthly payment of a fixed-rate mortgage:
P = (Pv * r) / (1 - (1 + r)^-n)
Where P is the monthly payment, Pv is the present value of the loan ($350,000), r is the monthly interest rate (3.4% / 12), and n is the total number of monthly payments (30 years * 12 months/year).
Plugging in the values, we get:
P = (350000 * (0.034/12)) / (1 - (1 + (0.034/12))^(-30*12))
P ≈ $1,551.59
Therefore, the monthly cost of the loan for a $350,000 house with a 30-year loan at 3.4% APR is approximately $1,551.59.