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4 years ago

10

Misty is buying a house for $385,000. She is financing $345,500 and obtained a 15-year, fixed-rate mortgage with a 4.875% intere

st rate. How much are her monthly payments?
$3,019.55

$2,709.75

$36,779.05

$33,005.61

And please explain why!

1 answer:

erastovalidia [21]4 years ago

6 0

345500=pmt[(1-(1+0.04875/12)^(-12×15))/(0.04875/12)]

Solve for pmt

Pmt=2709.75

So the answer is B

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