Question

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

Answer 1

The monthly payment will be 527.78

Answer 2

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