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3 years ago

Maya's new home had a purchase price of $325,500. Maya and her husband got a 15-year fixed mortgage for 70% of

Mathematics

1 answer:

WINSTONCH [101]3 years ago

5 0

Answer:

Their monthly payment will be $ 1,303.68.

Step-by-step explanation:

Since Maya's new home had a purchase price of $ 325,500, and Maya and her husband got a 15-year fixed mortgage for 70% of the purchase price, and the interest rate on the loan was 2,990%, to determine what was their monthly payment, the following calculation must be performed:

((325,500 x 0.7) x 1.0299) / (12 x 15) = X

(227,850 x 1.0299) / 180 = X

234,662,715 / 180 = X

1,303.68 = X

Therefore, their monthly payment will be $ 1,303.68.

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