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3 years ago

1. Ada purchased a house using a fixed rate mortgage. The annual interest rate is 6.3%

Mathematics

1 answer:

vlabodo [156]3 years ago

8 0

The monthly payment on the mortgage is option C) $2537.44

<u>Step-by-step explanation</u>:

Principal (P): $ 295,000
Rate (r): 6.3% = 0.063
Number of times compounded (n): 12months $\times$ 15 years = 180
Number of years = 15

The formula is A = P(1 + r/n)^nt

⇒ A = 295000(1+0.063/180)^(180 $\times$ 15)

⇒ A = 295000(180.063/180)^2700

⇒ A = 295000 (1.00035)^2700

⇒ A = 758854.5

Interest = Amount - Principle

⇒ 758854.5 - 295000

⇒ Interest = 463854.5

∴ The monthly payment for 15 years = 463854.5 / (15 $\times$ 12)

The monthly payment on the mortgage = 2576.9 (approximately option C)

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