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Posted on Jul 31, 2024

You pay 2 0 % down on a home with a purchase price of $ 1 8 0 , 0 0 0 . Your bank

You pay

20 %

down on a home with a purchase price of $

180, 000 .

Your bank will loan the remaining balance at

7 %

APR. You have an option to make annual payments or monthly payments on the loan. Both options have a

30 -

year payment schedule. What is the difference between the annuity payment paid under the annual plan and that under the monthly plan?

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