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3 years ago

Mortgage loan of $46,000.00.

Mathematics

1 answer:

mina [271]3 years ago

5 0

Answer: $191.67

Step-by-step explanation:

When paying back mortgages, the monthly payment has two components: an interest payment component and a principal repayment component.

The interest payment component is based on the total amount of debt still to be paid at the time and the principal repayment component is the rest of the payment after the interest has been deducted.

This interest is in a yearly rate so should be combined to a monthly rate as the payments are monthly:

= 5% / 12

= 5/12%

Interest = Mortgage remaining * interest rate

= 46,000 * 5/12%

= $191.67

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Answer:

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General Formulas and Concepts:

Pre-Algebra

Order of Operations: BPEMDAS

Brackets
Parenthesis
Exponents
Multiplication
Division
Addition
Subtraction

Left to Right

Step-by-step explanation:

Step 1: Define

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