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kirza4 [7]
3 years ago
10

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

uch will he pay monthly if he must pay $8.05 per $1,000?
Mathematics
2 answers:
Anika [276]3 years ago
7 0

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]3 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
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