To calculate the down payment needed to get monthly payments of $3,300 or slightly under for a $300,000 loan with 6% interest over 30 years, we can use the formula: Monthly payment = PV / R. Plugging in the values, the monthly payment is approximately $1,798.65. Therefore, the down payment would need to be approximately $1,501.35.
To calculate the down payment needed to get monthly payments of $3,300 or slightly under, we need to first calculate the monthly payments for the loan. Given a $300,000 loan with 6% interest convertible monthly over 30 years, we can use the formula to calculate the monthly payments:
Monthly payment = PV / R
Where PV is the present value of the loan and R is the monthly interest rate. Plugging in the values, we get:
Monthly payment = $300,000 / 1 - (1 + 0.06/12)^(-30*12)
Calculating this formula gives us a monthly payment of approximately $1,798.65. To calculate the down payment needed to get monthly payments of $3,300 or slightly under, we need to subtract the monthly payment from $3,300:
Down payment = $3,300 - $1,798.65
Therefore, Bryce's down payment would need to be approximately $1,501.35 to get his monthly payments down to $3,300 or slightly under.