If the purchase price for a house is $345,000, what is the monthly payment if you put 10% down for a 30 year loan with a fixed rate of 6.375%?

A 10% down payment is $34,500, so the loan amount is $345,000 − $34,500 = $310,500. For a 30-year loan, there are 360 monthly payments, and the monthly interest rate is 0.06375 ÷ 12. Using the fixed-payment loan formula gives a monthly payment of about $1,937.12, which is choice B.

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