Web Analytics
Hagrid
Answered

In order to purchase a home, a family borrows $159,000 at 6.5% for 30 years. Use the table to find their monthly payment. Round the answer to the nearest cent.

a.
$954.00                 c.
$1,186.14

b.
$1,006.47               d.
$1,276.36

In order to purchase a home, a family borrows 159,000 at 6.5 for 30 years. Use the table to find their monthly payment. Round the answer to the nearest cent. a. class=

Verified Answer :

metchelle

So, the given figure above shows us the monthly payments and interest in a $1000 of mortgage. So the interest rate monthly for 30 years is 6.33 dollars. So now, since it is stated that you are going to borrow $159,000, we will just have to multiply 6.33 by 159 and the result would be $1006.47. Therefore, the answer would be option B. Hope this answer helps.

Answer:

B

Step-by-step explanation:

Related Questions