You are thinking of purchasing a house. the house costs $ 350 comma 000$350,000. you have $ 50 comma 000$50,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. the bank is offering a 3030-year mortgage that requires annual payments and has an interest rate of 6 %6% per year. what will be your annual payment if you sign this mortgage?

The annual payment will be 21794,67

Explanation:

M=

M is your  payment.  ( In this case,  annual)

P is the  principal.

r is your annual interest rate

n is your number of payments (the number of years you will be paying the loan)

Replacing,

The principal is house cost $350,000 minus the down payment (50000)

P=350000-50000=300000

r=0,06

n=30

M=

M=

M=

M=21794,67

answer; the correct answer to the above statement is (true);

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