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miskamm [114]
3 years ago
10

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

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

Business
2 answers:
-Dominant- [34]3 years ago
6 0

Answer: $63.90

Explanation:

balandron [24]3 years ago
3 0

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>

<em>= 1,278 x 5 / 100 = $63.9</em>

So total penalty cost would be $63.9

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3 years ago
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