CaylaSFentonReeder CaylaSFentonReeder

06-05-2020
Mathematics

contestada

Help!!!! I AM GOING TO FAIL!!!!

What is the monthly payment on a 15-year loan of $90 100 if the annual interest rate is 6.5%? The monthly principal and interest payment per $1000 of mortgage is 8.71107.
I forgot the formula.

A.$810.00
B.$784.87
C.$760.44
D.$672.15

Respuesta :

mdelg09 mdelg09

06-05-2020

Answer is B

Formula is: P=r(PV)/1-(1+r)-n

r = .065/12 = .00541
P = $90,100
n = 15 x 12 = 180

P= 90,100 X 0.00541 / 1 - (1 + 0.00541)-180

P= $784.87

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