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

bonufazy [111]

4 years ago

12

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 $1000?
What steps should I take here to get my answer?

Mathematics

2 answers:

Lelu [443] · Answer 1 · 2022-01-27T02:17:18+03:00

85 290 dollars is his loan which is for 25 years with 8.5 percent fixed rate.
=> 85 290 * 0.85 = 7249.65 dollars for the interest
=> <span> 85 290 + 7249.65 = 92 539.65 dollars
=> </span>92539.65 / 25 years = 3701.59 dollars yearly
=> 3701.586 / 12 = 308.47 dollars monthly.

tankabanditka [31] · Answer 2 · 2022-01-27T04:02:24+03:00

tankabanditka [31]4 years ago

6 0

Hey Europa, before you delete my answer from this question, why don't you delete the wrong answer first? You're a useless moderator...