Peter paid $24,000 as a down payment towards the purchase of a house and received a mortgage
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Question:
Peter paid $24,000 as a down payment towards the purchase of a house and received a mortgage from a bank for the rest. He was required to pay $1380 at the end of every month for 30 years at an interest rate of 3.6% compounded monthly to settle the mortgage.
What was the purchase price of his house?
a.
$303,533.29
b.
$279,533.29
c.
$327,533.29
d.
$496,800.00
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