You missed a monthly payment on your mortgage. Your monthly payment is $1,278. Your mortgage holder places a 5% penalty on all t

Question

3 years ago

10

he late monthly payments. What is your total penalty cost?

2 answers:

-Dominant- [34] · Answer 1 · 2022-02-20T08:07:00+03:00

6 0

Answer: $63.90

Explanation:

balandron [24] · Answer 2 · 2022-02-20T06:24:26+03:00

Answer:

A. $63.9

Explanation:

Your monthly payment is $1,278 => One-month payment is a fixed amount of $1,278

Your mortgage holder places a 5% penalty on all late payments so that the penalty cost for 1 month late would be 5% of one-month payment.

=> Penalty cost can be calculated as the following equation:

<em>Penalty cost = One-month payment x 5% </em>

So total penalty cost would be $63.9