Cannon took out a mortgage for $85,290 on his new house. If the interest rate is 8.5 percent and the loan is for 25 years, how m

Question

4 years ago

10

uch will he pay monthly if he must pay $8.05 per $1,000?

2 answers:

Anika [276] · Answer 1 · 2021-12-31T03:35:01+03:00

Answer:

The answer is $686.584

Step-by-step explanation:

Given is, Cannon pays $8.05 per month for every $1,000, so we have a ratio: 8.05 / 1000

Now, we will find the second ratio which is an unknown payment per month over the price: x / 85290

Equaling them to solve for x :

$\frac{8.05}{1000}=\frac{x}{85290}$

$1000x=8.05*85290$

$1000x = 686584.50$

So, x = 686.584

Hence, the answer is $686.584

steposvetlana [31] · Answer 2 · 2021-12-31T01:45:02+03:00

steposvetlana [31]4 years ago

4 0

Number of thousands on the amount of the loan is
85,290÷1,000=85.29

Monthly payment is
85.29×8.05=686.58