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tigry1 [53]
3 years ago
9

Ashley Harrison takes out a $100,000 mortgage. The total amount of interest for 30 years is $90,000. What is the payment per mon

th?
Mathematics
2 answers:
jeka943 years ago
7 0
The monthly payment will be 527.78
faltersainse [42]3 years ago
7 0

Answer:

Monthly payment = $527.78

Step-by-step explanation:

Given : Ashley Harrison takes out a $100,000 mortgage. The total amount of interest for 30 years is $90,000.

To find : What is the payment per month?

Solution : Ashley Harrison takes out a $100,000 mortgage. Amount for 30 years $90,000.

Since the total paid for 30 years is :  

100000 + 90000 = 190000  


The monthly payment will be:  

n= 12×30 = 360

\text{Monthly payment}=\frac{\text{Total amount}}{n}

\frac{190000}{360}=527.78

Therefore, Monthly payment = $527.78

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